Financial Daily from THE HINDU group of publications
Tuesday, Jan 25, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 25, 2005 |
|
|
|
|
|
Money & Banking
-
Financial Performance Corporate Results - Public Sector Banks Syndicate Bank posts Rs 78-cr loss in Q3 Our Bureau
Mr N. Kantha Kumar, CMD, Syndicate Bank
Bangalore , Jan. 24 SYNDICATE Bank has recorded a net loss of Rs 78.11 crore for the quarter ended December 31, 2004, against Rs 89 crore net during the corresponding period for the previous fiscal. The bank, however, had showed a growth of 20 per cent in its income from interests for the current quarter. Its income from interests was Rs 964.72 crore during the third quarter of the current fiscal (Rs 763.71 crore). Briefing presspersons here on Monday, Mr N. Kantha Kumar, Chairman and Managing Director, said the setback was due to a Rs 382-crore depreciation on securities worth Rs 7,800 crore transferred from the Available-for-Sale to Held-to-Maturity category permitted by RBI as a one time measure. The bank's overall expenditure, which also included the burden of wage settlement, increased by 18 per cent at Rs 894.44 crore over the corresponding period during 2003. The total income, however, showed an increase of 12 per cent.
The bank had made a provision of Rs 25 crore during October-December 2004 for wage settlement. Pending finalisation of the settlement, the bank had so far made a provision of Rs 75 crore, which includes Rs 40 crore allotted last year for the expenditure. Mr Kantha Kumar said the bank made a modest gain during the nine months ended December 2004 with a net profit of Rs 123 crore (Rs 305 crore) from an overall global business of Rs 70,163 crore. This was an increase of 27.48 per cent year on-year for the period. The bank hoped to improve its performance during the quarter with the projected overall business crossing Rs 78,000 crore. The bank is mulling over a public issue before the end of this fiscal. Though no details have been finalised, the issue size could be to the tune up to Rs 50 crore, Mr Kantha Kumar indicated. He said the objective of the public second public issue was to increase the capital adequacy to over 12 per cent from 11.42 per cent.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|