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Wednesday, January 19, 2000

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Syndicate Bank nets Rs 207.05 cr for nine months

Our Bureau

BANGALORE, Jan. 18

SYNDICATE Bank recorded a net profit of Rs. 207.05 crores for the first nine months of the current financial year, up more than 50 per cent on the Rs. 137.58 crores posted in the corresponding period in 1998-99. Better funds management and co st reduction helped the bank improve its performance, according to an official release.

The operating profit of the bank stood at Rs. 274 crores as in December 1999, compared to Rs. 163 crores for the corresponding previous period.

Announcing the results for the period, the bank said deposits stood at Rs. 22,454 crores as in December 1999, registering 16.35 per cent growth (December 1998-December 1999). The credit outstanding stood higher at Rs. 11,926 crores in December 1999. The credit expansion in the first nine months of the current fiscal showed 28.06 per cent growth.

The NPA level was at 3.93 per cent as in March 1999. The bank was working to reduce it to less than three per cent by March 2000. Its capital adequacy ratio has also improved to 103 per cent.

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