Syndicate Bank Q2 profit flat at Rs 470 crore

NEW DELHI: Public sector lender Syndicate Bank today reported 1.4 per cent increase in net profit to Rs 470.12 crore for the July-September quarter.

It had posted net profit of Rs 463.37 crore for the same period of last fiscal, 2012-13.

The total income in Q2, 2013-14 increased to Rs 4,850.35 crore, from Rs 4,546.33 crore in the year-ago period.

During the first half of the current fiscal, the bank's net profit rose by just 2.1 per cent at Rs 922.40 crore, as against Rs 903.59 crore in H1, 2012-13.

The total income rose to Rs 9,576.53 crore in the first six month, from Rs 9,024.39 crore in the year-ago period.

As of September 30, 2013, Syndicate Bank's portfolio quality deteriorated further, with gross non-performing assets (NPAs) rising to 2.88 per cent of gross advances, as against 2.47 per cent year a year ago.

It's net non-performing assets during Q2, 2013-14 also rose from 1.66 per cent from 0.92 per cent.