Syndicate Bank has announced a marginal increase of 2 per cent in net profit at Rs 417 crore for the fourth quarter ended March 2015, compared to Rs 409 crore in the corresponding quarter last year, primarily due to higher provisioning and lower than expected net interest income.The bank’s net interest income declined about 1 per cent to Rs 1,423 crore from Rs 1,433 crore in the year ago quarter.Its operating profit recorded a growth of 20 per cent to Rs 1,201 crore as against Rs. 998 crore in the fourth quarter of last year.Its capital adequacy ratio under Basel-III stood at 10.54 per cent as against 11.41 per cent in March 2014.Syndicate Bank has got Rs.460 crore from center as fresh captial infusion which has improved its capital adequacy ratio, said T K Srivastava, executive director of Syndicate Bank.'Probably we will reduce the lending interest rate at the beginning of next month', said T K Srivastava,ED,Syndicate Bank.
Other Q4 Result Highlights:-
Net Profit stood at Rs. 417 crore in Q4, FY 2014-15 as against Rs.409 crore in Q4, FY 2013-14 ( increase by 2% y-o-y).
Operating Profit stood at Rs. 1201 crore in Q4, FY 2014-15 as against Rs.998 crore in Q4, FY 2013-14 (increase by 20% y-o-y).
Global business increased from Rs. 388584 crore as at Q4, FY 2013-14 to Rs. 461192 crore as at Q4, FY 2014-15 ( increase by 19% y-o-y).
Domestic Business increased from Rs.330701 crore as at Q4, FY 2013-14 to Rs 390555 crore as at Q4, FY 2014-15 to ( increase by 18 % y-o-y)
Global Deposits increased from Rs.212343 crore as at Q4, FY 2013-14 to Rs 255388 crore as at Q4, FY 2014-15 ( increase by 20 % y-o-y).
Domestic Deposits increased from Rs.186966 crore as at Q4, FY 2013-14 to Rs 225402 crore as at Q4, FY 2014-15 ( increase by 21% y-o-y).
Global Advances increased from Rs.176241 crore as at Q4, FY 2013-14 to Rs 205804 crore as at Q4, FY 2014-15 (increase by 17% y-o-y).
Domestic Advances increased from Rs.143735 crore as at Q4, FY 2013-14 to Rs165153 crore as at Q4, FY 2014-15 (increase by 15% y-o-y).
Domestic CASA deposits increased from Rs. 55911 crore as at Q4, FY 2013- 14 to Rs. 63671 crore as at Q4, FY 2014-15 (up 14% y-o-y). Domestic CASA deposits stood at 28.25% of total domestic deposits as at 31.03.2015.
Savings Bank deposits increased from Rs.42030 crore in 2013-14 to Rs. 46466 crore in 2014-15. (increase by 11% y-o-y).
Gross NPA ratio stood at 3.13 % in Q4, FY 2014-15 as against 2.62% in Q4, FY 2013-14.
Net NPA ratio stood at 1.90% in Q4, FY 2014-15 as against 1.56% in Q4, FY 2013-14.
Provision Coverage Ratio stood at 66.61% in Q4, FY 2014-15 as against 70.02% in Q4, FY 2013-14.
Cost to income ratio declined to 45.83% in Q4, FY 2014-15 as against 47.34% in Q4, FY 2013-14.
#Syndicate Bank's Q4 net profit at Rs 417 crore, up 2% pic.twitter.com/OlHVLcY25w
— Press Release Watch (@PrReleaseWatch) May 10, 2015
Other Q4 Result Highlights:-
Net Profit stood at Rs. 417 crore in Q4, FY 2014-15 as against Rs.409 crore in Q4, FY 2013-14 ( increase by 2% y-o-y).
Operating Profit stood at Rs. 1201 crore in Q4, FY 2014-15 as against Rs.998 crore in Q4, FY 2013-14 (increase by 20% y-o-y).
Global business increased from Rs. 388584 crore as at Q4, FY 2013-14 to Rs. 461192 crore as at Q4, FY 2014-15 ( increase by 19% y-o-y).
Domestic Business increased from Rs.330701 crore as at Q4, FY 2013-14 to Rs 390555 crore as at Q4, FY 2014-15 to ( increase by 18 % y-o-y)
Global Deposits increased from Rs.212343 crore as at Q4, FY 2013-14 to Rs 255388 crore as at Q4, FY 2014-15 ( increase by 20 % y-o-y).
Domestic Deposits increased from Rs.186966 crore as at Q4, FY 2013-14 to Rs 225402 crore as at Q4, FY 2014-15 ( increase by 21% y-o-y).
Global Advances increased from Rs.176241 crore as at Q4, FY 2013-14 to Rs 205804 crore as at Q4, FY 2014-15 (increase by 17% y-o-y).
Domestic Advances increased from Rs.143735 crore as at Q4, FY 2013-14 to Rs165153 crore as at Q4, FY 2014-15 (increase by 15% y-o-y).
Domestic CASA deposits increased from Rs. 55911 crore as at Q4, FY 2013- 14 to Rs. 63671 crore as at Q4, FY 2014-15 (up 14% y-o-y). Domestic CASA deposits stood at 28.25% of total domestic deposits as at 31.03.2015.
Savings Bank deposits increased from Rs.42030 crore in 2013-14 to Rs. 46466 crore in 2014-15. (increase by 11% y-o-y).
Gross NPA ratio stood at 3.13 % in Q4, FY 2014-15 as against 2.62% in Q4, FY 2013-14.
Net NPA ratio stood at 1.90% in Q4, FY 2014-15 as against 1.56% in Q4, FY 2013-14.
Provision Coverage Ratio stood at 66.61% in Q4, FY 2014-15 as against 70.02% in Q4, FY 2013-14.
Cost to income ratio declined to 45.83% in Q4, FY 2014-15 as against 47.34% in Q4, FY 2013-14.
