Backed by 18% growth in operating profits, Syndicate Bank’s net profit for Q4 of last fiscal grew 7%. Net profit for the quarter stood at Rs 309.43 crore, compared with Rs 289.29 crore recorded during the corresponding quarter of 2010-11. The operating profits of the bank grew to Rs 790.44 crore from Rs 671.96 crore in the same period last year, and net interest income grew 15%.
For the fiscal ended March 31, Syndicate Bank recorded 25% growth in net profit to Rs 1,313 crore as against Rs 1,048 crore, aided by a 33% increase in interest income. Net interest income grew 16% to Rs 5,085 crore.
With aggressive provisioning, the bank was able to bring down the net NPAs to 0.96% from 0.97% FY11. Its gross NPAs stood at 2.53% as compared to 2.4% in FY11.
