Syndicate Bank profits shot up 91.42 per cent to Rs 592.34 crore for the fourth quarter of 2012-13, compared with Rs 309.43 crore posted in the same period the previous year.
The bank’s total income for Q4 is up 8.05 per cent to Rs 4,780.75 crore (Rs 4,424.33 crore). The EPS stood at Rs 9.84 in Q4, over Rs 5.39 for the last fiscal.
M.G. Sanghvi, CMD, told reporters that the bank has pursued the strategy of reducing dependence on high-cost bulk deposits. “We have shed Rs 3,718 crore during the year 2012-13 (11.12 per cent) and brought down the level to Rs 29,715 crore from a high of Rs 33,433 crore.”
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