Syndicate Bank has declared its fourth quarter financial results for the fiscal year 2009-10.

As per the reports its net profit has declined by 18.5% in the quarter that ended on 31st March, 2010. The net profit of the company was found out to be Rs 168.2 crore for the quarter reviewed. At the same time, the total income of the company has also declined to Rs 2,742 crore in the January-March quarter.

This figure has been decreased marginally by 4.6%. Manipal-based public sector lender, Syndicate Bank, has informed that the main reason for the net profit to come down is the higher provisions towards wage arrears, taxes among others.

The operating profit of the Bank for the quarter reviewed was found out to be Rs 552.5 crore. This has been up by 18.7 per cent to Rs 552.5 crore against the same period in the preceding quarter.

The annual net profit of the bank was also reported to be declined by 11% to Rs 813 crore as compared to the previous financial year.