Syndicate Bank has reported a 43 per cent decline in the net profit at Rs.205.72 crore in the third quarter of 2009-10 against Rs.358 crore in the same quarter of 2008-09. Interest earnings dropped by 3 per cent to Rs.2,456 crore from Rs.2,533 crore. Total income dropped from Rs.2,759 crore to Rs.2,677 crore.
The operating profit declined by 5 per cent to Rs. 487.72 crores during the said quarter from Rs.514.47 crore. The return on assets declined from 0.87 per cent to 0.64 per cent. Gross non-performing assets increased marginally from 2.39 per cent to 2.43 per cent.
Advances to agriculture increased by 19 per cent, accounting for 17 per cent of the bank’s net credit. While lending to the infrastructure sector grew by 24 per cent, advances to the MSME sector increased by 21 per cent.
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