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Catholic Syrian Bank’s net profit up

THIRUVANANTHAPURAM: The Catholic Syrian Bank has recorded an increase of 139.06 per cent in net profit during the nine months ended on December 31, 2007, compared to the same period last year.

The net profit during the period increased to Rs.31.70 crore from Rs.13.26 crore during the same period last financial year, the bank said in a press release on Wednesday. The working results of the bank for the first nine months of 2007-08 were taken on record by the board of directors the other day, the release added.

The interest income went up to Rs.354.94 crore (from Rs.302.78 crore), net interest income to Rs.122.61 crore (from Rs.117.01 crore), other income to Rs.40.83 crore (from Rs.22.24 crore) and income on investments to Rs.82.20 crore (from Rs.69.43 crore). The operating profit of the bank during the period improved to Rs.54.63 crore (from Rs.38.60 crore).

The capital-to-risk-assets ratio of the bank on December 31, 2007, was 11.74 per cent as against the regulator’s stipulation of nine per cent. It was 9.75 per cent on December 31, 2006.

The return on assets at the end of the third quarter of 2007-08 increased to 74 basis points as against 34 basis points at the end of the third quarter of 2006-07. The earnings per share too increased to Rs.25.31 (Rs.33.75 annualised) from Rs.12.34 (Rs.16.46 annualised). The bank had inducted foreign direct investment to the tune of U.S.$7.57 million (Rs.33.29 crore) in July 2007, the release noted.

The bank now had 357 branches and one extension counter. The bank had received Reserve Bank of India’s license to open 19 branches and 25 off-site ATMs this year. Of these, 13 branches and 17 ATMs had already been opened and the remaining ones would be opened before March 2008, the release said.

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