The Hindu Business Line : Syndicate Bank H1 net up 51 pc

SYNDICATE Bank has announced 50.79 per cent increase in the net profit during the first half of the current fiscal ended September 2003; profit for the period stood at Rs 216.45 crore as against Rs 143.54 crore for the corresponding period of the previous year.

The operating profit for the half-year ended September 30, 2003 has recorded an increase of 67.85 per cent over the corresponding period the previous year. It recorded an operating profit of Rs 442.91 crore for the half-year ended September 30, 2003, whereas it was Rs 265.80 crore for the corresponding period the previous year.

Addressing presspersons in Manipal of Udupi district on Monday, Mr Michael Bastian, Chairman and Managing Director (CMD), said the board of the bank had taken a decision to pay interim dividend at 10 per cent subject to approval of the Reserve Bank of India.

He attributed the increase in the profit to the Rs 5,800 crore business conducted in the last year, and added that reduced cost of deposits had substantially added to the profit. The interest margin of the bank is one of the highest among the peer group banks even in the lower interest regime. He said that the global business of the bank reached Rs 49,443 crore at the end of September 2003.

The domestic deposits have increased by 12.53 per cent and the domestic advanced by 15.84 per cent over September 2002.

Mr Bastian said the capital adequacy ratio stood at 12.4 per cent against 11.03 per cent as on March 2003.

He said the net NPA had come down to 4.89 per cent from 5.64 per cent on September 30, 2002.

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