Syndicate Bank Q1 net up 28% at Rs 440 cr; stock up 5%

State-owned lender Syndicate Bank’s net profit grew by 28.32% year-on-year to Rs 440 crore in the quarter ended June 2012 due to improved asset quality and lower provision.

Net interest income increased 18.83% to Rs 1,319 crore from Rs 1,110 crore year-on-year.

Gross non-performing assets (NPAs) declined by 15 basis points quarter-on-quarter to 2.38% and net NPAs went down by 3 basis points to 0.93% during the same period.

The bank made less provisions during the quarter at around Rs 512.8 crore as compared to Rs 542.2 crore in the previous quarter.

Net interest margin stood at 3.19% in the quarter. Capital adequacy ratio fell by 52 basis points to 11.72% QoQ.

At 13:44 hours IST, the share was trading at Rs 96.75, up 4.99% amid heavy volumes.

Source: www.moneycontrol.com

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