Syndicate Bank has received ‘in principle approval’ for raising capital by various options including Qualified Institutional Placement (QIP). The board at its meeting held on January 23, 2013 has approved for the same.
The bank has reported 50.39% rise in its net profit at Rs 508.49 crore for the quarter as compared to Rs 338.12 crore for the same quarter in the previous year. Total income of the bank has increased by 6.54% at Rs 4489.90 crore for quarter under review as compared to Rs 4214.35 crore for the quarter ended December 31, 2011.
The bank’s gross NPA for the December 31, 2012 quarter of the current fiscal stood at 2.31%, as compared to 2.29% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 0.85% as compared to 0.86% in the same quarter of the previous year.
