Anju D`Souza - Daijiworld News Network - Regional [Jan 19, 2005 - 01.05am]

Udupi: Syndicate Bank has recorded a net profit of Rs 526 crore in the nine months period that ended from Dec 31, 2005 when compared to Rs 123 crore reported for the nine months period that ended on Dec 31, 2004.

Speaking to press persons, bank chairman and chief executive officer Kanta Kumar said year on year growth works out to 329 per cent. He further said the sizable growth is achieved despite notable reduction in profit on sale of investments to Rs 83 crore for the period ended Dec 31, 2005 from Rs 202 crore made during the period ended on Dec 31, 2004.
The net profit for the period of three months from Oct to Dec 31, 2005 of the current fiscal was placed at Rs 188 crore as against loss of Rs 78 crore reported during the corresponding period of last year.

The bank's total deposits grew by 11 per cent and reached a level of Rs 49,450 crore as on Dec 31, 2005 from Rs 44,675 crore as on Dec 31, 2004. However, the low cost deposits increased by 19 per cent and Rs 18,800 crore as on Dec 31, 2005 from Rs 15,734 crore as on Dec 2004.

The net advances of the bank as on Dec 31 scaled up to Rs 32,636 crore from Rs 24,333 crore as on Dec 31, 2004. The cash deposit ratio as on Dec 31, 2005 was placed at 68 per cent as against 57 per cent reported on De 31, 2004 and 60 per cent as of March 31, 2005.

While 34 per cent of the advances were lent to corporate sector, the share of retail and agriculture was to the extent of 32 per cent and 18 per cent respectively. SSI and other commercial sectors accounted for the remaining 16 per cent.