Online edition of India's National Newspaper
Friday, May 16, 2008
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Online edition of India's National Newspaper Friday, May 16, 2008 ePaper | Mobile/PDA Version |
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BANGALORE: Total business of Syndicate Bank grew by 22 per cent in 2007-08 to Rs. 1.60 lakh crore. While deposits grew by 21 per cent — from Rs. 78,634 crore to Rs. 95,171 crore, advances grew by 23.4 per cent from Rs. 52,839 crore to Rs. 65,197 crore. Announcing the results, George Joseph, Executive Director, said the bank’s net interest margin, which represented the spread between the income earned from advances and expenditure on servicing deposits, had fallen from 2.72 per cent of gross assets in 2006-07 to 2.57 per cent in 2007-08. However, Mr. Joseph said the situation “will improve” because the bank’s “dependence on bulk is much less now.” The net profit grew by 18.4 per cent to Rs. 848 crore from Rs. 716 crore. The bank’s operating profit grew 6.15 per cent during the period.
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