Hyderabad: Public sector Syndicate Bank reported Rs 304.99 crore net profit for the third quarter ended December 2014, down about 20 per cent from Rs 379.76 crore net in the corresponding period a year ago.

However, the bank’s total income has increased from Rs 5,011.28 crore for the quarter ended December 31, 2013 to Rs 5,921.58 crore for the quarter ended December 31, 2014. The net interest margin, a gauge of profitability, fell to 2.25 per cent during Q3-FY15, from 2.76 per cent in Q3-FY14. On the asset front, gross non-performing assets (NPAs) increased to 3.6 per cent of gross advances, from 2.8 per cent in the year ago period. Net NPAs were at 2.38 per cent of net advances in the third quarter of 2014-15, up from 1.66 per cent during the same period a year earlier.

The bank’s deposits went up by 29 per cent to Rs 2,51,469 crore during the quarter under the review as against Rs 1,95,120 crore a year ago. The total business increased 24 per cent to Rs 4,38,099 crore as against Rs 3,52,498 crore a year ago.

The bank opened a total of 101 branches during Q3, including one in London, taking the total to 3,463.