Syndicate Bank Q4 net up to Rs 280 cr

Syndicate Bank has reported a 117.5 per cent increase in net profit at Rs 280.19 crore for the quarter ended March 2005. The bank's total income stood at Rs 1122.62 crore posting a less than one per cent increase.

Earnings per share for the quarter was Rs 5.94 and for the year the figure was Rs 8.54. During the quarter ended December 2004, the bank had posted a net loss of Rs 78 crore and total income was Rs 1,081 crore.

For the year till March, the bank posted a net profit of Rs 402.9 crore. Total income was at Rs 4,322.18 crore. Profit for the full year has declined over seven per cent, while total income grew about 12 per cent.

Net non-performing assets ratio of the bank at the end of the year till March was 1.59 per cent. The bank's "global business" was Rs 74,031 crore at the end of March 2005.

The bank spent some Rs 160 crore on a voluntary retirement scheme during the year. It also made a provision of Rs 92 crore towards arrears and a proposed wage revision, the bank told the stock exchanges on Monday.

The bank's board of directors have recommended a final dividend of 14 per cent on its equity capital which, including an interim dividend, takes the total to 20 per cent.