Syndicate Bank post 22.40 per cent growth in net

Bangalore, Jul 30 (UNI) The public sector Syndicate Bank has achieved a net profit of Rs 221.03 crore during the first quarter of the current fiscal, an increase of 22.40 per cent year-on-year growth compared over the previous year.

Addressing newspersons Chairman and Managing Director C P Swarnakar expressed satisfaction about the bank's performance and said that profit margin kept increasing despite the pressure on hardening of interest rate on deposits.

Briefing about the performance during the first quarter he said the bank had recorded a growth of 26.40 per cent in deposit mobilisation by collecting Rs 80,682 crore against Rs 62,829 crore during the previous period.

"Global business grew by 26.04 per cent and stood at Rs 1,32,526 crore as against Rs 1,05,143 crore and the bank has strategically opted for moderate growth during the current fiscal. The bank also witnessed buoyance in domestic business which was increased to Rs 1,23,095 crore from Rs 96,212 crore, a growth of 27.94 per cent," he said.

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