Higher provisioning and lower net interest income have resulted in a 42.59 per cent drop in net profit of Syndicate Bank for the quarter ended December 2009.
Net profit of the bank stood at Rs 205.72 crore in the third quarter of 2009-10 against Rs 358.37 crore in the corresponding period last year.
Net interest income declined by 15.98 per cent to Rs 717.86 crore in the third quarter compared to Rs 854.45 crore in the corresponding period last year. Total Income fell from Rs 2,758.52 crore in the quarter ended December 2008 to Rs 2,676.94 crore for the quarter ended December 2009.
During the quarter, the bank’s provisioning went up to Rs 209.64 crore compared to Rs 22.76 crore in the same quarter last year. Its net non-performing assets went up by 1.02 per cent in the quarter from 0.86 per cent in the corresponding period last year. Capital adequacy ratio stood at 13.48 per cent.
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