Syndicatea Bank hikes its profit for 3rd quarter by 20 per cent

By Staff
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Bangalore, Jan 27 (UNI) Public Sector Syndicate Bank has earned a net profit of Rs 226 crores for the third quarter, higher by 20 per cent, compared to Rs 188 crores during the corresponding quarter last year.

Briefing newsmen here bank's Chairman and Managing Director C P Swarnakar said the net profit for 9 months ending December 31 stood at Rs 612 crores over Rs 526 crores reported for the corresponding period last year. , an increase of 16 per cent despite increase of Rs 49 crores in provisions. The total income for the nine months had grown by 41 per cent to Rs 4752 crores in comparison to Rs 3379 crores for the corresponding period of 2005-06. The total income of the bank was Rs 1784 crores for the third quarter as against Rs 1165 crores, an increase of 53 per cent, he pointed out.

Replying to queries he said the net Non Performing Asset came down to 0.90 per cent as on December 2006 from 1.22 per cent as on December 31 last year.

He said the bank achieved a tremendous growth during nine month period and was going on projected lines. '' We expected a tremendous growth of around 40 per cent to 45 per cent instead of 30 per cent to 35 per cent following good performance, he hoped.

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