Syndicate bank earns Rs 848 cr net profit in 2007-08

Bangalore, May 14 (UNI) Public Sector Syndicate Bank has earned a net profit of Rs 848 crore for the year ended March 2008, a growth of 18.43 per cent from Rs 716 crores during the previous year.

Disclosing this to newspersons here, Executive Director George Joseph said the net profit for the fourth quater of last fiscal was at Rs 126 crore, an increase of 21.15 per cent of Rs 104 crore earned during the corresponding period in the previous year.

The year on year growth of 21.98 per cent was recorded under global business, which stood at Rs 1,60,368 crore as against Rs 1,31,473 crores in the previous period, he said.

Replying to queries he said the credit growth during the current fiscal was targetted to cross Rs 1,90,000 crore comprising 19 per cent advances and 21 per cent deposits.

The net NPA increased marginally from 0.76 per cent to 0.97 per cent in the last fiscal. However, the bank had maintained sufficient cushion towards providing requirements to cover up unexpected defaults.

The bank had a floating provision to the extent of Rs 374 crores as on March 31, 2008, he added.

On new initiatives, he said the bank proposed to launch a campaign to add new accounts from women on May 16. It would be for two months during which period over five lakh women would be added on to the bank's fold as account holders, he revealed.

Over 55 lakh new accounts were added during last two years, he added.

Mr Joseph said the bank had earned a profit of Rs three crore by way of selling gold coins to the tune of 550 kgs in assorted sizes to the public during last year.

UNI SR RS HVB1824