Millennium Post

Syndicate Bank second quarter profit soars 43%

Syndicate Bank's net profit increased 43.34 per cent to Rs 463 crore (Y-o-Y) for the period ended September 2012 against Rs 323 crore in the same quarter last year. Global business showed a 11.50 per cent increase of Rs 2,84,649 crore up to September 2012 against Rs 2,55,286 crore up to September 2011.

Agriculture credit increased by 19.87 per cent to Rs 18.777 crore (y-o-y) for the period ended September 2012 against Rs 15,664 for the same period last year. Priority sector advances rose by 12.93 per cent to Rs 14,158 crore (y-o-y) by September 2012 from Rs 12,537 crore in the same period last year.

The bank’s infrastructure finance showed 14.20 per cent to gross advance with Rs 15,878.51 crore, where power remained the highest borrower in this sector with 9.59 per cent (Rs 10,715.90 crore).

Syndicate Bank Chairman and Managing Director M G Singhvi said, 'There is a slowdown and sizeable impact on international markets in which situation we have dealt with business in a cost-effective way. We are going in for cost cutting and our profits have substantially improved alongside on.
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