The Hindu Business Line : Catholic Syrian Bank net zooms 210%

Kochi May 24 Catholic Syrian Bank has posted a 210-per cent increase in the net profit to Rs 19.07 crore for 2006-07, compared with Rs 6.14 crore the previous year.

The board of directors has recommended a dividend of 15 per cent.

Operating profit grew to Rs 62.64 crore (Rs 36.99 crore). Net interest income grew to Rs 164 crore (Rs 147 crore).

Net NPAs were reduced to 1.98 per cent (2.78 per cent).

The bank also recorded capital adequacy ratio of 9.58 per cent against the RBI-stipulated norm of nine per cent.

Deposits rise

Total deposits grew to Rs 4,748.60 crore (Rs 4,288.85 crore), while advances rose to Rs 3,012.64 crore (Rs 2,694.87 crore).

The return on assets grew to 0.37 per cent, up from 0.13 per cent earlier, a bank release said.

Business per employee grew to Rs 2.78 crore (Rs 2.47 crore), while profit per employee recorded sharper growth to Rs 68,000 from Rs 22,000.

More branches

The bank has received licence from the RBI to open 19 more branches and 25 offsite ATMs at various locations.

It has also obtained permission to open seven mobile ATMs and will be the first private sector bank from Kerala to operate such a facility, the release said.

Gift cards

The bank is also in the final stages of introducing VISA-enabled gift cards and rechargeable cards.

The bank hoped to extend core banking solutions to all branches before March 2008.

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