Synd Bank earns net profit of Rs 181 crore for Q1.

Bangalore, July 27 (UNI) Public Sector Syndicate Bank has earned a net profit of Rs 181 crore for the quarter ended June 30 compared to Rs 163 crors during the corresponding period the previous year.

Annoucing this to newspersons here, Syndicate Bank Chairman and Managing Director C P Swarnkar said the year-on-year (YoY) growth of the net profit was 11 per cent. The overall total income of the bank during the quarter was Rs 1,365 crore. It's gross advances scaled to Rs 41,314 crore during the quarter as against Rs 28,718 crore the same period the previous year, registering a YoY growth of 44 per cent.

He said the bank had achieved a number of landmarks during the quarter, including crossing a business level of Rs one lakh crore and earning an operating profit of more than Rs 300 crore in a single quarter.

Mr Swarnkar said the bank's total deposits grew by 47 per cent to touch Rs 63,829 crore during the quarter as against Rs 43,449 crore in June 2005, recording a growth of 19 per cent. The low cost deposits increased by 23 per cent to Rs 20,374 crore as on June 2006 from Rs 16,602 crore as on June 30, 2005.

He informed that the bank aimed at increasing its customer base by two million during 2006-07 and a deposit mobilisation campaign had been launched to mobilise new accounts.

To a question, he said the overall growth for the year was expected to cross 30 per cent. The net Non Performing Asset of the bank came down to 0.86 per cent this quarter from 1.54 per cent during the corresponding period the previous year.

He said the bank introduced three new products--SyndVidyarthi, a novel credit facility to professional college students, Syndnivas, a Plus, a facility to provide additional loan facilities for housing loan customers and SyndSenior, a new loan scheme for pensioners.

It had also started SyndJaiKisan Scheme to provide hassle free long term farm credit to farmers to meet their credit requirements related to investment on farm development, contingencies and other pressing social obligations. The eligible amount of loan was ranged between Rs 50,000 to Rs 7.50 lakh, he added.

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