Syndicate Bank on Tuesday reported a 21 per cent increase in net profit at Rs 273.20 crore for the quarter ended December 31, 2007 compared to Rs 226.11 crore in the same quarter previous year.

Total income of the Bank in December quarter was Rs 2,266 crore as against Rs 1,776 crore last year, registering 28 per cent growth. Interest income for the reported quarter increased by 21.53 per cent to Rs 1,987 crore as against Rs 1,635 crore in the same period last year.

The Bank has benefitted from larger profit on sale of investments of Rs 153.40 crore in December quarter compared to Rs 44.76 crore.

Global business of the bank for the nine months ended December 31, 2007 grew by 13.36 per cent to Rs 1,41,658 crore as against Rs 1,24,962 crore as on December 31, 2006. The bank recorded a growth of 17.09 per cent under domestic business to Rs 1,32,881 crore from Rs 1,13,489 crore as on December 31, 2006.

Global deposits of the bank for the nine months ended December 31, 2007 stood at Rs 85,572 crore from Rs 75,294 crore as on December 31, 2006, recording a growth rate of 13.65 per cent. Domestic deposits increased from Rs 70,290 crore as on December 31, 2006 to Rs 81,689 crore, reflecting a growth of 16.22 per cent. The net interest income  as on December 31, 2007 was Rs 1,510 crore as against Rs 1,546 crore, recording a 2.33 per cent decline. The net NPA has gone up from 0.90 per cent as on December 31, 2006 to 1.27 pc.

New product

Addressing reporters at a press conference here, C P Swarnkar, Chairman and Managing Director announced that the bank has launched Synd SMS Banking, a mobile banking facility. Enquiries through SMS regarding cash balance outstanding, cheque issued status, viewing of last 5 transactions etc are now available to SyndicateBank customers. SMS alert regarding credit/debit, balance and overdrafts are also extended through mobile banking.