Syndicate Bank Q2 net profit up 5.3%: Top 5 key takeaways

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Published: October 29, 2015 10:17:49 AM

Public sector bank (PSB) Syndicate Bank today reported has announced its second quarter (Q2) results ended September 30, 2015. Here are top 5 key takeaways:

Public sector bank (PSB) Syndicate Bank today reported has announced its second quarter (Q2) results ended September 30, 2015. Here are top 5 key takeaways:

1. Syndicate Bank has reported a 5.3 per cent rise in its net profit at Rs 332.37 crore. The bank’s net profit in the July-September quarter of the previous fiscal stood at Rs 315.60 crore.

2. Syndicate Bank’s total income increased to Rs 6,670.19 crore during the second quarter from Rs 5,680.96 crore earned in the year-ago period, the bank said in a filing to BSE.

3. For bad loans and contingencies, Syndicate Bank made a provision of Rs 440.29 crore during the period, down from Rs 537.79 crore a year ago.

4. Syndicate Bank’s asset quality slipped with gross non-performing assets (NPAs) or bad loans rising to 3.72 per cent of gross advances during the reported quarter, from 3.43 per cent a year ago. Likewise, net NPAs too increased to 2.37 per cent of net advances, as against 2.29 per cent in the similar quarter a year earlier.

5. Syndicate Bank shares closed 1.80 per cent down at Rs 95.45 apiece on the BSE Wednesday.

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