Syndicate Bank Net Dips 19 Percent in Fourth Quarter, Syndicate Bank Net Profit Dips 19 Percent, Syndicate Bank Net Profit Dips 19 Percent in Fourth Quarter, Syndicate Bank Net Profit Declined 19 Percent, Syndicate Bank Net Dips 19 Percent, Syndicate Bank Net Profit, Syndicate Bank Net Profit Down 19 Percent, Syndicate Bank Net Profit Declined

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SME Times News Bureau | 05 May, 2010
State-run Syndicate Bank reported net profit of Rs.168 crore for the fourth quarter (January-March) of fiscal 2009-10, registering 19 percent decline from Rs.206 crore in the same period a year ago.

In a regulatory filing Tuesday, the Manipal-headquartered bank said its total income for the quarter under review (Q4) also dipped marginally by 4.6 percent to Rs.2,742 crore from Rs.2,876 crore in the same quarter of the previous fiscal.

The bank cited higher provisioning and higher contingencies (Rs.263 crore), including wage arrears (Rs.34 crore) and taxes (Rs.121 crore) as reasons for net profit declining in the last quarter.

Operating profit, however, increased 19 percent YoY to Rs.552 crore in the fourth quarter.

Net interest income (NII), however, shot up 57 percent YoY to Rs.861 crore from Rs.547 crore year ago, while net interest margin increased marginally to 2.89 percent from 2.37 percent in the same period a year ago.

Net profit for entire fiscal (FY 2010) also dipped 11 percent to Rs.813 crore from Rs.913 crore in fiscal 2009.

But total income for fiscal under review marginally rose 7.4 percent YoY to Rs.11,215 crore from Rs.10,440 crore.

The bank's total business for fiscal 2010 grew 5.4 percent YoY to Rs.208,820 crore as against the targeted 20 percent growth or Rs.238,000 crore. Deposits remained flat at Rs.117,037 crore, while advances were up 11 percent YoY to Rs.89,905 crore.

The bank has set 10 percent growth target for this fiscal (2010-11) to achieve total business of Rs.230,000 crore.