Syndicate Bank Q1 net up 28%

Syndicate Bank reported a 28 per cent increase in net profit for the quarter ended June 30, 2012, at Rs 440 crore (Rs 343 crore).

This bottomline performance came on the back of sharp increase in interest income, which grew 25 per cent to Rs 4,242 crore (Rs 3,399 crore), Mr M. G. Sanghvi, Chairman and Managing Director, said here on Monday.

Operating profit of the bank for the quarter under review increased 13 per cent to Rs 841 crore (Rs 743 crore).

Mr Sanghvi told newspersons that the bank planned to add 300 branches this fiscal, taking the network size to 3,000 branches.

Plans are afoot to add another 500 ATMs across the country in this financial year, he said. Currently, Syndicate Bank has 1,240 ATMs (on-site and off-site).

The net interest margin of the bank stood at 3.19 per cent in end-June, slightly higher than 3.16 per cent in end June last year.

srivats.kr@thehindu.co.in