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The bank had posted a net profit of Rs 126 crore in the Q4 of fiscal 2007-08.
Projecting a 20 per cent growth rate in the bank's total business during 2009-10 to Rs 2,34,000 crore from Rs 1,98,000 crore, the bank's Chairman and Managing Director George Joseph told reporters that, "I believe the worst is over".
The Syndicate Bank reported a net profit of Rs 913 crore for the year ended March 31, 2009, up 7.63 per cent over the previous year. Last fiscal the bank had a net profit of Rs 848 crore.
The operating profit of the bank stood at Rs 1,746 crore against Rs 1,468 crore a year ago.
He said some sectors were not affected by the downturn, including health, telecom and power, while the IT industry was showing "moderate signs of growth".
Joseph said the worst was over but added volatility might continue in the market.
Joseph said the Bank would open five more regional offices this year in Shimoga, Guwahati, Moradabad,Angol and Jaipur, taking the total number of such offices to 40. Total income of the Bank rose by 18.69 per cent to Rs 10,440 crore for 2008-09 as compared to Rs 8,796 crore for the previous year, mainly contributed by rise in interest income.
Interest income went up to Rs 9,580 crore from Rs 7,906 crore reported in 2008, he said, adding, "while the overall growth in interest income grew by 21 per cent, the increase in interest on advances is to the exent of 29 per cent".
The Gross NPA ratio decreased to 1.93 per cent from 2.71 per cent and the net NPA ratio to 0.77 per cent as against 0.97 per cent he said and described it as "significant".
The networth of the Bank increased by 21.25 per cent to Rs 4,687 crore from Rs 3,865 crore, Joseph said.
The bank's global business grew by 23.70 per cent and stood at Rs 1,98,380 crore as against Rs 1,60,368 crore and domestic business increased to Rs 1,82,853 crore from Rs 1,50,042 crore, registering a growth of 21.87 per cent.
Bank's global deposits reached Rs 1,15,885 crore with a year-on-year growth of 21.77 per cent as on this March end. Domestic deposits crossed the milestone of Rs 1,00,000 crore and reached the level of Rs 1,08,688 crore, registering a y-o-y growth of 19.63 per cent, Joseph said.
Global gross advances increased to Rs 82,495 crore from Rs 65,197 crore and domestic advances grew by 25.30 per cent to Rs 74,164 from Rs 59,188 crore, Joseph added.
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