Syndicate Bank global business up by 44 %, net profit 33 %

Bangalore, May 8 (UNI) Maintaining a high growth, Syndicate Bank today announced a 44.03 per cent increase in its global business at Rs 131,473 crore for the fiscal 2007, with net profit soaring by 33 per cent at Rs 716 crore.

Announcing the results here, bank Chairman and Managing Director C P Swarankar said a significant growth in net profit was achieved despite making higher provisions for standard advances by 95 per cent, compared to the previous year. The net profit for the last quarter of fiscal 07 went up ten times at Rs 104 crore as against Rs ten crore net profit reported for the corresponding quarter of the previous fiscal.

He said the year was special for the bank as it achieved allround achievement. ''The bank had strategically opted for higher growth of business in the first three quarters of the just-ended fiscal, keeping in view the hardening of interest rates.'' Mr Swarankar said that while the total deposits grew by 46.64 per cent to touch Rs 78,634 crore as against Rs 53,624 crore in fiscal 06, the advances went up by 40.31 per cent to Rs 52,839 crore from Rs 37,660 crore as on March 31, 2006.

He said the total income of the bank increased to Rs 6,659 crore for 2006-07 from Rs 4,612 crore the previous year, an increase of 44.36 per cent, mainly contributed by the growth in interest income which went up by 49.12 per cent. The increase in advances was to the extent of 52.98 per cent.

He, however, foresaw moderation in the business during the current fiscal following directions from the RBI and the Union Government on rise in advances. As during the last three years, the advances went up significantly to touch 40 per cent this year. Much depended on resource mobilisation also, he added.

UNI