Public sector lender, Syndicate Bank has booked 24.5% rise in net profits amounting to Rs 256.19 crore for the third quarter of this fiscal. The rise has been attributed to the 60% rise in net interest income of the bank.
The net interest income of the bank for Q3 amounted to Rs 1,150.28 crore. Operating profits also saw 67% rise to Rs 712.2 crore.
Gross NPAs of the bank also saw a decline from 2.43% earlier to 2.32% while net NPAs came down to 0.95% from 1.02% earlier.
Cost of deposits of the bank have declined to 5.44% and yield on advances has risen up to 9.57%.
As a resultant, there has been a rise in net interest margin (NIM) by 108 bps to 3.58%.
CASA of the bank has been reported at 11.74%.