Syndicate Bank today posted a 43.34 per cent rise in net profit to Rs 463 crore for the second quarter of the current fiscal on the back of sizeable reduction in high cost deposits and improved yield on credit. The bank had a net profit of Rs 323 crore during the same quarter of the previous fiscal. Total income of the state-owned bank increased to Rs 4,546.33 crore in the July-September quarter,from Rs 4,015.64 crore in the same period a year-ago. Net interest income rose 5.94 per cent to Rs 1,391 crore in the quarter,its CMD MG Sanghvi said.
