OREANDA-NEWS. February 09, 2011. SyndicateBank recorded 57% increase in its operating profit for the nine months ended December 2010. The operating profit was Rs2078 crore for the period ended December 2010 as against Rs1321 crore recorded during the corresponding period of the previous - year.

Net Interest Income increased from Rs1880 crores for the nine months ended December 2009 to Rs3222 crore for December 2010 registering growth of 71%. However, the other income

declined by 30% from Rs938 crore to Rs660 crore YoY mainly due to the decline in trading profit.

The net profit for nine months ended is Rs759 crore as against Rs645 crore recording 18% growth in the fit nine months ended of 2010-11.

The Global Business of the Bank was at Rs2,25,910 crore as on 31.12.2010 as against Rs191619 crores as on 31.12.2009 registering a growth of 18%.

The Global Deposits stood at Rs1,24,603 crore and Global Advances at Rs101,307 crore as on 31st December 2010. The CASA deposits grew from Rs32538 crores as on 31st the December 2009 to Rs41273 crore as on 31st December 2010 registering year-on-year growth of 27%.

The Return on Assets has increased from 0.67% as on 31.12.2009 to 0.75% as on 31.12.2010.

The Net Interest Margin for the fit nine months ended 31.12.2010 improved to 3.40% from 2.20% recorded as on 31.12.2009. The reduction in high cost deposits and increase in CASA deposits have resulted in reduction of cost of deposits from 6.32% as on 31.12.2009 to 5.28% as on December 2010.

The Gross NPAs of the Bank declined to 2.32% in December 2010 as compared 2.43% in December 2009. The Net NPA also declined to 0.95% as on December 2010 as compared to 1.02% as on December 2009. Provision Coverage Ratio is 73.15%, higher than the mandatory coverage ratio of 70%.