Wednesday, Jan 26, 2005
Wednesday, Jan 26, 2005 |
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BANGALORE: Syndicate Bank has posted a net loss of Rs. 78.10 crores for the quarter ended December 31, 2004 as compared to a net profit of Rs. 89 crores for the quarter ended December 31, 2003. Total income has increased from Rs. 944.22 crores to Rs. 1081.61 crores for the quarter ended December 31, 2004. According to N. Kantha Kumar, Chairman and Managing Director, the net profit is Rs. 123 crores for nine months ended December 2004 against Rs. 305 crores the last year. The decline in the net profit is due to one time provision on securities transferred to Held to Maturity (HTM) categories. In the nine months including last quarter, they have made provision of Rs. 40 crores towards wage settlement, the cumulative provision being Rs 75 crores.
Our Special Correspondent.
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