A substantial reduction in high-cost deposits and an improved yield on credit extended to the retail and medium and small-scale sectors saw public sector lender Syndicate Bank, reporting a 43.5 per cent increase in its net profit to Rs 463 crore for the quarter ended September 30. The total income of the bank rose 13.2 per cent to Rs 4,546 crore against Rs 4,016 crore reported in the corresponding quarter last year.
Asset quality showed a marginal deterioration with gross non-performing assets up nine basis points to 2.47 per cent. However, net NPAs declined by one basis point to 0.92 per cent during the period. The provision coverage ratio stood at 82.26 per cent at the end of the September, said M G Sanghvi, CMD of Syndicate Bank.
Meanwhile, the bank's net NPA to net advances are below one per cent, at 0.92 per cent. Syndicate Bank’s share closed 1.30 per cent down at Rs 121.85 on Monday on BSE, while the benchmark Sensex gained 0.59 per cent to end trade at 18,793.44.