Syndicate Bank quarterly net up 72 percent

Thu, May 12 2011 20:27 IST | 361 Views | Add your comment
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Bangalore, May 12

State-run Syndicate Bank Thursday reported net profit of Rs.289 crore for the fourth quarter of fiscal 2010-11, registering a whopping 72 percent increase year-on-year (YoY) from Rs.168 crore during the same period a year ago.

Similarly, for entire fiscal (2010-2011), net profit grew 29 percent YoY to Rs.1,048 crore from Rs.813 crore in 2009-2010.

"Operating profit for the quarter under review (Q4) increased 22 percent YoY to Rs.672 crore from Rs.552 crore year ago, while net interest income was up 35 percent YoY to Rs.1,161 crore from Rs.861 crore in the same quarter a year ago," the Manipal-based bank said in a statement here.

For fiscal 2010-11, operating profit increased to Rs.2,750 crore from Rs.1,873 crore, posting 47 percent increase YoY, while net interest income grew a record 60 percent YoY to Rs.4,383 crore from Rs.2,740 crore.

"The bank's total business increased 17 percent YoY to Rs.2,43,946 crore from Rs.2,08,476 crore year ago. Deposits were Rs.1,35,596 crore and net advances Rs.1,08,350 crore during the fiscal under review," the statement noted.

CASA (current account/savings account) deposits increased 15 percent YoY to Rs.41,945 crore from Rs.36,551 crore in FY 2010.

"Thrust on priority sector continued during the fiscal and increased to Rs.36,611 crore from Rs.32,713 crore year ago, registering an increase of 42 percent YoY.

The bank's gross non-performing assets (NPA) ratio marginally increased to 2.40 percent from 2.19 percent, while net NPA ratio declined to 0.97 percent from 1.07 percent over the last 12 months.

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