Syndicate Bank Q2 net up 43% to Rs 463 cr

Private sector lender Syndicate Bank  's net profit grew by 43.34% year-on-year to Rs 463 crore in the quarter ended September 2012, helped by tax reversal of Rs 100 crore received in the quarter.

If we remove the tax reversal amount, the net profit comes to Rs 363 crore, a growth of 12.4 percent over a year ago period. The company had paid tax of Rs 61 crore in the second quarter of previous financial year 2011-12.

Net interest income rose by 6 percent to Rs 1,392.8 crore from Rs 1,313 crore during the same period.

Gross non-performing assets (NPAs) increased 9 basis points quarter-on-quarter to 2.47 percent while net NPAs remained flat at 0.92 percent as against 0.93 percent QoQ.

Syndicate Bank has made provisions of Rs 479 crore in the quarter ended September 2012 as against Rs 513 crore in previous quarter.

Source: www.moneycontrol.com

Thanks,
Gaurav Agarwal 
Head Dealer 
DENIP Consultants Pvt Ltd