17 Jan 2021 | 2:52 AM

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Syndicate Bank posts Q2 net profit of Rs 251.05 cr
  Syndicate Bank | 17 Jan 2020 | 10:51 AM
Published on 10-31-2019
The bank reported standalone net profit during the quarter stood at Rs 251.05 crore compared to net loss of Rs 1542.54 crore in the previous year quarter.


Interest income of the bank rose by 0.15 per cent at Rs 5407.25 crore for the quarter ended September 30 2019 as against Rs 5399.31 crore in the corresponding period last year.


During the July-September quarter total income rose marginally by 4.49 per cent to Rs 6153.10 crore from Rs 5888.87 crore in the year ago period.


Meanwhile operating expenses dropped by 2.29 per cent to Rs 5196.74 crore from Rs 5318.80 crore in the same period last year.


Operating profit surged 67.76 per cent to Rs 956.36 crore from Rs. 570.07 crore.


Provisions and Contingencies slipped by 71.18 per cent at Rs 638.94 crore from Rs 2217.26 crore a year ago.


NII the difference between interest earned on loans and interest paid on deposits increased by 10.62 per cent at Rs 1739.25 crore versus Rs 1572.29 crore in the year ago period. Non-interest income rose 52.35 per cent year-on-year to Rs 745.85 crore.


On the asset side gross non- performing assets (NPAs) fell to 11.45 per cent of the gross advances as at the end of September 30 2019 from a level of 12.98 per cent year earlier. Its net NPAs or bad loans too declined to 5.98 per cent of net advances on September 30 2019 from 6.83 per cent a year ago.