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| Edited By: |Source: PTI |Updated: Mar 16, 2018, 05:25 AM IST
Boosted by treasury income, Syndicate Bank’s net profit for the first quarter ended June zoomed nearly three-fold, up 197% to Rs 261.57 crore from Rs 87.89 crore in the year-ago period.
Treasury income rose to Rs 270.24 crore in the June quarter, up from Rs 8.38 crore in 2008-09, VK Nagar, executive director, said on Friday.
However, excluding treasury income, the growth in first quarter net profit was 16%, he said. “Global business of the bank as on June 30, stood at Rs 1,99,686 crore as against Rs 1,55,722 crore as on June 30, 2008, up 28.23% year-on-year,” Nagar said. He said the bank plans to add about 100 branches in FY10, including 24 before September 30.
Net interest income for the June quarter rose by 16.38% to Rs 585.70 crore from Rs 503.27 crore in the same quarter in FY09, but net interest margin decreased to 2.23% as against 2.34% last fiscal due to pressure on margins.
Gross non-performing asset levels declined from Rs 1,821 crore to Rs 1,588 crore. Gross NPA ratio decreased to 1.91% from 2.84%.
