Syndicate Bank's net profit drops by 33 per cent for Q2

Syndicate Bank today reported a 33 per cent drop in net profit to Rs 315.60 crore for the quarter ended September 30, 2014, due to higher provisioning towards bad loans and rising tax expenses.
The bank had registered a net profit of Rs 470.12 crore during the July-September quarter of FY14, Syndicate Bank Executive Director Anjanaya Prasad told reporters here.
The operating profit rose to Rs 954 crore in the second quarter ended September as against Rs 811 crore in the same period in 2013-14, up 18 per cent year-on-year, he said.
The global business shot up from Rs 3,46,156 crore as at second quarter of 2013-14 to Rs 4,15,690 crore during second quarter of 2014-15, up 20.09 per cent year-on-year.

Domestic business increased from Rs 2,88,383 crore during second quarter of 2013-14 to Rs 3,54,156 crore as at second quarter of 2014-15, up 22.81 per cent year-on-year,he said.
Gross NPA ratio stood at 3.43 per cent in the second quarter of 2014-15 as against 2.88 per cent in second quarter of 2013-14, Prasad said.

The net NPA ratio stood at 2.20 per cent in the second quarter of 2014-15 as against 1.66 per cent in corresponding quarter of 2013-14, he said.
Global deposits increased from Rs 1,90,820 crore during second quarter of 2013-14 to Rs 2,39,215 crore as at second quarter of 2014-15, up 25.36 per cent year-on-year.

Domestic deposits went up from Rs 1,65,710 crore during second quarter of 2013-14 to Rs 2,13,492 crore as at second quarter of 2014-15, up 28.83 per cent year-on-year,he said.
Global advances rose from Rs 1,55,336 crore during second quarter of 2013-14 to Rs 1,76,475 crore during second quarter of 2014-15, 13.61 per cent year-on-year, Prasad said.
Domestic advances increased from Rs 1,22,673 crore during second quarter of 2013-14 to Rs 1,40,664 crore during second quarter of 2014-15, up 14.67 per cent year-on-year, he said.
On expansions, he said the bank plans to open 300 branches and 27 mid-corporate branches during 2014-15.

"As on date, we have opened 112 branches and 22 mid-corporate branches," Prasad said.
The bank is also seeking permission to open branches in Hong Kong, Dubai Financial Centre, South Africa and China, he said.