Saturday, May 08, 2004
Saturday, May 08, 2004 |
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BANGALORE: Syndicate Bank will be coming out with a public issue of Rs. 50 crores in the next six months, according to the Chairman and Managing Director, Michael Bastian. The pricing and the time of the issue are yet to be decided upon. Announcing the annual results here, Mr. Bastian said the bank registered a net profit of Rs. 434 crores for 2003-04 against Rs. 344 crores in the previous year, recording a 26.16 per cent increase. The global business had vaulted to Rs. 64,290 crores from Rs. 47,687 crores. The bank had set a target of Rs. 85,000 crores in businesses by March 31, 2005. The thrust would be to increase the asset base. The bank would pursue a strategy of gaining market share with focus on profitability Global deposits increased from Rs. 30,661 crores to Rs. 42,585 crores, a growth of 39 per cent. The savings bank deposits accounted for Rs. 10,385 crores, up from Rs. 8,246 crores. Mr. Bastian said the gross non-performing assets (NPA) had come down from 8.34 per cent to 7.33 per cent and the net NPA to 2.58 per cent from 4.29 per cent. The bank had recovered Rs. 291.84 crores of NPAs.
— Our Special Correspondent
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