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Tuesday, Oct 22, 2002

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Catholic Syrian H1 net up 60 pc

Our Bureau

KOCHI, Oct. 21

THE net profit of the Thrissur-based Catholic Syrian Bank has grown by 60 per cent to touch Rs 11.76 crore during the first half of 2002-03, as against Rs 7.34 crore reported for the corresponding period of last year.

The operating profit has grown by 43 per cent to touch Rs 34.54 crore (Rs 24.17 crore), according to the unaudited financial results announced by the bank. The deposit base grew by Rs 400 crore to Rs 3,376.21 crore (Rs 2,975.24 crore).

Advances have registered a modest growth to Rs 1,314.56 crore (Rs 1,219.74 crore). The total investments grew to Rs 1,848.69 crore (Rs 1,350.84 crore). The bank has taken strategic steps to increase total business volumes to the Rs 10,000 crore mark by 2004-05, a fax received here has said.

The bank will also be upgrading five extension counters to full fledged branches shortly. The bank will also increase its revenue from fee based income by marketing insurance and mutual fund products, the fax added.

The ATM is going ahead on schedule and will become operational by the end of the year.

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