State-owned Syndicate Bank on Saturday reported 2 per cent growth in net profit to Rs417 crore, during the fourth quarter ended March 31, 2014-15, on higher provisioning for bad loans. Bank's net profit in the corresponding January-March quarter of previous fiscal stood at Rs409 crore. Total income of the bank during the quarter is Rs6,599.13 crore, against Rs5,357.4 crore in the year-ago period.
“Reason why the net profit grew only two per cent is because we have made good provision, higher provision,” Syndicate Bank Executive Director TK Srivastava told reporters. Gross NPA ratio stood at 3.13 per cent in fourth quarter of 2014-15 as against 2.62 per cent in Q4, 2013-14. Net NPA ratio was 1.90 per cent as against 1.56 per cent.
For the entire 2014-15 fiscal, the bank posted 11 per cent decline in net profit to Rs1,522.93 crore, compared with Rs1,711.46 crore in the previous financial year. The total annual income increased to Rs23,724.75 crore, compared with Rs19,945.21 crore. The yield on advances of the bank stood at 9.23 per cent during the quarter, as against 9.65 per cent a year ago. The Capital Adequacy Ratio (Basel III) of the bank stood at 10.