Syndicate Bank Q1 net up 2.7 pct at Rs 452 crore

The public sector lender had posted net profit of Rs 440.22 crore in the corresponding quarter last year.

Syndicate Bank today reported a marginal 2.7 per cent growth in net profit at Rs 452.28 crore for the first quarter ended June 30,2013.

The public sector lender had posted net profit of Rs 440.22 crore in the corresponding quarter last year.

Total income of the bank during the quarter under review rose to Rs 4,726.18 crore,up from Rs 4,478.06 crore a year earlier.

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Bank’s provisions and contingencies during the first quarter of the current fiscal came down to Rs 489.16 crore from Rs 512.65 crore in the year-ago period.

However,net non-performing assets or bad loans of the bank grew to 1.19 per cent during the first quarter from 0.93 per cent in the same quarter last fiscal.

Gross NPAs during the quarter under review,however,remained stable at 2.38 per cent.

Meanwhile,the bank’s shares were trading at Rs 88.25 apiece on the BSE in the afternoon trade,down 6.07 per cent from the previous close.

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