Syndicate Bank, on Monday, announced that it had made a net profit of Rs.440 crore in the first quarter ended June 30, 2012, an increase of 28.28 per cent over the previous year. While advances increased by 17.67 per cent, deposits grew by 18.35 per cent during the quarter as compared to a year-ago. The bank’s net interest margin remained stagnant at 3.19 per cent at the end of the quarter. The operating profit grew by 13 per cent.

The proportion of non-performing assets (NPAs) in the bank’s portfolio remained virtually unchanged, both in net as well as gross terms. The retail loan portfolio constituted 22 per cent of the bank’s portfolio at the end of the quarter.

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