Daijiworld Media Network - Bangalore (SP)
Bangalore, Apr 29: Chairman and managing director of Syndicate Bank George Joseph announced at a press conference held here on Tuesday April 28, that the Bank has registered an improved overall performance during the year ended March 31, 2009 by achieving an increase of 7.63% in net profit, to reach Rs 913 crore. The total turnover of the Bank also has seen an impressive upswing, which stands at Rs 1, 98,380 crore, he revealed.
Gross income of the Bank, as compared to the previous year, rose by 18.69% to Rs 10,440 crore from Rs 8.796 crore. The working profit too went up from Rs 1,468 crore to Rs 1,746 crore, he explained. The Bank has placed before itself a target of 2.34 lac crore rupees under total turnover, an increase of 20%, for the next year.
The Bank registered 21.77% increase in deposits and 26.53% under advances. Interest income went up to Rs 9,580 crore from Rs 7,906 crore registered in the previous year. The non-performing assets, an important parametre in deciding the Bank’s health, went down to 0.77% from 0.97%. The book value of the Bank's shares too saw an increase to Rs 96.22 from Rs 82.22 in the previous fiscal, Joseph informed.
Executive director of the Bank R Ramachandran and V K Nagar and general manager V Kalyani were present at the press conference.