Thrissur: The city-based Catholic Syrian Bank has announced a three-fold growth in its net profit for the year 2001-02.

The net profit of the bank grew by 330 per cent to touch Rs 37.12 crore (Rs 11.25 crore). This is the highest profit posted by the bank, says bank chairman N R Achan. The return on net assets has also grown beyond the 1-per cent level.

Total capital funds of the bank have grown to Rs 121.26 crore. The capital adequacy ratio (CAR) has also grown to 9.57 per cent, as against the 9 per cent stipulated by the Reserve Bank of India, says Achan.

The bond issue of the bank was oversubscribed, and hence closed early on 10 April 2002, as against the planned closing date of 15 April 2002. With the allocation of bonds worth Rs 12.45 crore, the capital base of the bank grew to Rs 133.71 crore, taking the CAR further to 10.53 per cent.

Total deposits of the bank grew by 14.97 per cent to touch Rs 3,191 crore (Rs 2,776 crore). As an exercise of prudence and also due to the cautious stand taken towards expansion of risk assets, gross advances were contained at Rs 1,409 crore (Rs 1,419 crore).