Syndicate Bank net up 30 per cent in third quarter

State-run Syndicate Bank posted net profit of Rs 3.56 billion (Rs 356 crore/$72.4 billion) for the third quarter this fiscal, registering 30 per cent year-on-year (YoY) growth.

State-run Syndicate Bank posted net profit of Rs 3.56 billion (Rs 356 crore/$72.4 billion) for the third quarter this fiscal, registering 30 per cent year-on-year (YoY) growth.

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Net profit in the corresponding period last fiscal was Rs 2.73 billion, the bank said in a statement in Bangalore on Friday.

Total income for the quarter under review increased 22 per cent to Rs 27.58 billion from Rs 22.66 billion a year ago.

Interest income increased to Rs 25.65 billion from Rs 19.87 billion, registering 31 per cent YoY growth.

Interest expended during the quarter is Rs 17.66 billion as against Rs 15.13 billion in the year-ago period, an increase of 17 per cent.