Syndicate Bank Q4 profit jumps 91 per cent to Rs 592 crore

MUMBAI: Syndicate Bank today reported 91.4 per cent jump in its net profit to Rs 592.34 crore in the fourth quarter of 2012-13 on account of lower provisioning and contingency measures.

Its profit in the same period (January-March) a year ago stood at Rs 309.43 crore.

Total income in the last quarter of 2012-13 increased to Rs 4,780.75 crore, up 8 per cent from a year earlier, the bank said in a filing to BSE.

For the full year ended March 31, 2013, the state-owned bank's net profit rose by 68 per cent to Rs 2,206.39 crore while the total income increased by 13.2 per cent to Rs 18,495.77 crore.

The Karnataka based bank made provisioning and contingencies of Rs 363.79 crore in the fourth quarter of 2012-13, down from Rs 671.49 crore in the same period of 2011-12.

The bank also reduced its net non-performing assets (NPA) to 0.76 per cent in January-March quarter from 0.96 per cent year earlier. Also, the gross NPA fell to 1.99 per cent from 2.53 per cent in the period under review.

Shares of the bank today closed at Rs 129.45 a piece on the BSE, up 8.01 per cent from the previous close.