Syndicate Bank posted a net profit of Rs.485.42 crore in the quarter ended June 30, 2014, an increase of 7 per cent compared to Rs.452.28 crore registered in the corresponding quarter of the previous fiscal.
Total income went up by nearly 17 per cent to Rs.5,523.08 crore (Rs.4,726.18 crore). The gross NPA ratio stood at 2.97 per cent (2.38 per cent), while the net NPA ratio was 1.88 per cent (1.19 per cent).
The bank, in a press release said, towards improving operational efficiency it was in the process of undertaking BPR (business process reengineering). It would also be coming out with an insurance-linked SB product and ‘Supply Chain Finance Scheme for MSME’ to increase liquidity, profitability and efficiency of the enterprises.
During the year, 350 branches and 27 mid-corporate branches were proposed to be opened. Permissions were set to be obtained to open branches in Hong Kong, Dubai Financial Centre, Johannesburg and China, the release said.
