Syndicate Bank bottomline jumps 23% to Rs 125 cr in Q1

Syndicate Bank has posted a 22.97 per cent growth in net profit at Rs 125.24 crore for the quarter ended June 2004, over the corresponding quarter last fiscal. During the same period, net business grew to Rs 66,608 crore, up 42.29 per cent.

Deposits during the quarter increased by 44.18 per cent to Rs 44,752 crore, and advances by 38.57 per cent to Rs 21,856 crore.

Comparitively, net interest income grew to Rs 343 crore from Rs 278 crore. Gross NPAs stood at Rs 1,787 crore, representing 3.28 per cent of the net advances.

While this is lower than the 5.31 per cent registered during the same period last quarter, it is higher than the 2.58 per cent recorded for the full year ended march 2004. Further provisions to gross NPA improved to 61.89 per cent from 47.06 per cent.

The bank's return on assets fell to 1.52 per cent during the quarter from 1.71 per cent achieved for the quarter ended June 2003.

However, the annualised earnings per share grew to Rs 10.59 during the quarter from Rs 8.64 posted in June last. The bank's capital adequacy ratio for the quarter stood at 12.05 per cent.

Business per employee improved to Rs 248.97 lakh during the quarter from Rs 172.68 lakh as on June 2003. Correspondingly, staff costs fell to 1.70 per cent from 2.31 per cent during the period.

Syndicate Bank said it would augment its capital by Rs 200 crore (Rs 50 crore green shoe option) through tier-II bonds.

Besides, the statement added, the total business target for the current year was set at Rs 85,000 crore and 50 per cent of this would come from the 245 automated branches.