New Delhi, May 9: State-owned Syndicate Bank today reported a 2 per cent growth in fourth-quarter net profit at Rs 417 crore on higher provisioning for bad loans.

The bank's net profit in the corresponding January-March quarter of the previous fiscal stood at Rs 409 crore. Total income during the quarter is Rs 6,599.13 crore against Rs 5,357.4 crore in the year-ago period.

"Reason why the net profit grew only 2 per cent is because we have made good provision, higher provision," Syndicate Bank executive director T.K. Srivastava told reporters here.

Gross NPA ratio stood at 3.13 per cent in the fourth quarter of 2014-15 against 2.62 per cent in the fourth quarter of 2013-14. Net NPA ratio was 1.90 per cent against 1.56 per cent.

For the whole year, net profit declined 11 per cent to Rs 1,522.93 crore from Rs 1,711.46 crore in the previous financial year.

Total annual income increased to Rs 23,724.75 crore from Rs 19,945.21 crore.

Srivastava said the bank was planning to open 355 new branches in 2015-16 and would recruit 5000 personnel in clerical and official cadre.

Unichem net down

Drug firm Unichem Laboratories today reported a 67.78 per cent decline in fourth-quarter net profit at Rs 9.82 crore because of an increase in expenses.

The company had posted a net profit of Rs 30.48 crore a year ago, Unichem informed the BSE.

Standalone total income from operations, however, rose to Rs 255.99 crore for the quarter against Rs 244.11 crore for the same period year ago.

Consolidated net profit also dipped to Rs 75.39 crore in 2014-15 from Rs 169.30 crore a year ago.