Manipal-based public sector lender Syndicate Bank on Saturday said, its net profit for the quarter ending March 31, 2015, stood at Rs. 417 crore registering a marginal growth of two per cent when compared to the same period last year. For the fourth quarter, the total income grew 23.2 per cent to Rs. 6,599 crore.
“Our profit growth was only two per cent mainly due to the higher provisions and also because of flat net interest income during the quarter,” said T.K. Srivastava, Syndicate Bank Executive Director.
The net NPA ratio was 1.90 per cent as against 1.56 per cent.
The capital adequacy ratio (Basel III) stood at 10.54 per cent as on March 31, 2015.
The net interest margin has declined to 2.29 per cent in March quarter from 2.79 per cent in the year ago quarter.
For the full fiscal 2014-15, Syndicate bank posted 11 per cent decline in its net profit to Rs.1,523 crore, as against Rs. 1,711 crore in the same period last year. The total income grew 18 per cent to Rs.23,724.75 crore in 2014-15. The directors have recommended a final dividend of 47 per cent for 2014-15. The government of India has infused capital of Rs. 460 crore during the last quarter of 2014-15.
