Financial Daily from THE HINDU group of publications
Friday, Oct 28, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 28, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Syndicate Bank net leaps 132 pc in Q2 Our Bureau
Bangalore , Oct. 27 SYNDICATE Bank has reported net profit of Rs 175.19 crore for the second quarter of this financial year, a 132 per cent increase over the corresponding period of the last financial year. The Chairman and Managing Director, Mr N. Kanta Kumar, told newspersons here on Thursday, that the growth was achieved on account of the low provisioning and low depreciation for investments. The bank, in fact, has shown a fall in the operating profits in the second quarter this year against last year. Operating profits for this second quarter was Rs 216.48 crore (Rs 255.82 crore). The bank's provisioning was only Rs 24.29 crore ( Rs 135.24 crore). The reduction in the operating profits, Mr Kanta Kumar said, was on account of an escalation in the operating expenditure. Gross expenditure in Q2 this year was Rs 901.42 crore, up from Rs 786.56 crore. Interest expenditure rose marginally during the period to Rs 510.34 crore, from Rs 505.76 crore. Operating expenditure, on the other hand, rose to Rs 391.08 crore from Rs 260.80 crore during the period. The bank reported a gross income of Rs 1,117.90 crore in Q2, up from Rs 1,042.38 crore during the corresponding period of the last financial year. Interest income during the period went up to Rs 990.27 crore (Rs 927.25 crore). Other income also rose to Rs 127.63 crore (Rs 115.13 crore). The bank reported a credit-deposit ratio of 66 per cent in Q2During the same period, the bank managed to trim its gross non-performing assets to 4.68 per cent of the advances down from 7.5 per cent. The net NPA was down to 1.44 per cent during the period from 2.78 per cent. The bank said that there would be no increase this year in either lending rates or deposit rates after changes in the RBI reverse repo rates. The bank intended to further resort to a Tier II capital, through a bond issue of Rs 500 crore during the year. At present, the bank has a capital adequacy ratio (CAR) of 13.40 per cent after its follow-on public issue during the period.
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