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Synd Bank earns Rs 536 cr net profit for 2005-06

Written by: Staff
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Bangalore, May 15 (UNI) Public Sector Syndicate Bank has posted a net profit of Rs 536 crore for 2005-06, registering a Year-on-Year growth of 33 per cent, Bank Chairman and Managing Director C P Swarnkar announced today.

Speaking to newspersons here, he said the net profit for the fourth quarter stood at Rs 10 crore as against Rs 280 crore reported during the corresponding period last year. This was on account of increase in Non Performing Asset (NPA) provision by Rs 142 crore, dip in operating profit by Rs 65 crore and Standard Asset Provision by Rs 40 crore during the last quarter, he explained.

He said the bank proposed a final dividend of 10 per cent for the year. With this, the total dividend for the fiscal year 2005-06 stood at 25 per cent, including 15 per cent interim dividend announced earlier.

Mr Swarnkar said the Net NPA ratio had also come down to 0.86 per cent as of March 31, 2006 from 1.59 per cent as of March 2005. The net worth had gone up to Rs 2834 crore this year as against Rs 2,199 crore last year.

He said the bank had introduced three new products SyndVidharth (a novel credit facility to professional college students), Syndnivas plus (additional loan facilities for housing loan customers) and SyndSenior (a new loan scheme for pensioners). The bank had crossed a milestone of 2,000 branches and was poised to enter the top league of public sector banks by achieving Rs 1,00,000 crore of business by June, he added.

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