Syndicate Bank FY12 net up 25% at Rs 1,313 cr

The interest income rose by 33% at Rs 15,268 crore as against Rs 11,451 crore during the previous fiscal

Syndicate Bank registered a growth of 25.33% in net profit at Rs 1,313 crore during FY12 compared to Rs 1,048 crore earned last fiscal.

The operating profit for the fiscal rose by 22% at Rs 3,347 crore as against Rs 2,750 crore during FY11, said Bank's Chairman and Managing Director M G Sanghvi at a press conference while releasing financial performance for FY12.

The bank awaited approval from the government for its proposal to raise Rs 539 crore through preferential placement of equity, he said.

The bank's interest income rose by 33% at Rs 15,268 crore as against Rs 11,451 crore during the previous fiscal, he said.

The bank will continue focus on fee-based income like marketing of mutual fund, life insurance, general insurance products, Sanghvi said, adding, it has declared a dividend of 38%, up by 1% over the last fiscal mark.

Global business improved from Rs 2,43,946 crore in FY11 to Rs 2,83,558 crore in FY12 showing a growth rate of 16% and its lone overseas branch in London has witnessed business growth by 26.93% from Rs 19,615 crore to Rs 24,898 crore as on March 31, 2012, he said.

Net NPA has declined to 0.96% in FY12 from 0.97% in the last financial year.

Sanghvi said the bank plans to add 300 more branches this year taking the total to 3,000, besides recruiting 1,750 officers and 1,000 clerks.

"All our five Regional Rural Banks are constantly making profit and have got a total business of Rs 38,417 crore with deposits of Rs 20,603 crore and advances of Rs 17,814 crore", Sanghvi said.