Syndicate Bank net profit rises marginally to Rs 417 cr

State-owned Syndicate Bank today reported a marginal 2 per cent growth in net profit to Rs 417 crore in the fourth quarter ended March 31, 2014-15.

The bank had posted net profit of Rs 409 crore in the January-March quarter of 2013-14.
The total income of the bank during the quarter increased to Rs 6,599.13 crore, compared with Rs 5,357.40 crore in the year-ago period.

It has recommended a dividend of Rs 4.70 per share (47 per cent), for 2014-15, Syndicate Bank said in a statement.

For the entire fiscal 2014-15, the bank posted 11 per cent decline in net profit to Rs 1,522.93 crore, compared with Rs 1,711.46 crore in the previous financial year.
The total annual income of the bank increased to Rs 23,724.75 crore, compared with Rs 19,945.21 crore in 2013-14.

The bank's Gross Non-Performing Assets rose to 3.13 per at the end of March 2015, from 2.62 per cent a year ago. The net NPAs too rose to 1.90 per cent against 1.56 per cent at March 2014.