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Thrissur Sept. 19

THE Thrissur-based Catholic Syrian Bank plans to achieve a turnover of Rs 10,000 crore by the year 2005. Having complied with all the capital adequacy requirements, the bank plans to increase the credit off-take to Rs 500 crore during the current year, up from Rs 260 crore it was able to achieve last year.

Addressing the 82nd AGM at Thrissur, the Chairman of the bank, Mr N.R. Achan, said that the RBI had approved a dividend of 20 per cent for all the shareholders. The AGM also re-appointed Dr A.M. Michael, Mr Ashok Kapoor, Mr R.K. Thomas and Mr Tony Joe Pulikken as directors of the bank.

With the total deposits growing to Rs 3,506 crore (Rs 3,191 crore) and total advances growing to Rs 1,471 crore (Rs 1,211 crore), the turnover of the bank came close to the Rs 5,000-crore mark during 2002-03.

The NRI deposits held with the bank was Rs 1,165 crore (Rs 1,077 crore), constituting 33 per cent of the bank's total deposit base.

The net investments of the bank increased to Rs 1,809 crore (Rs 1,357 crore). The bank's total income increased to Rs 472 crore (Rs 436 crore). Non-interest income from treasury operations grew by over 26 per cent to Rs 125.18 crore (Rs 98.89 crore).

Last year, the operating profit of the bank grew by 23 per cent to touch Rs 111.77 crore, while the net profit was Rs 45.16 crore. The bank planned to shore up its capital base through a Tier II capital issue and mobilise Rs 20 crore, with a green-shoe option to retain an additional Rs 20 crore.

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