Financial Daily from THE HINDU group of publications
Thursday, Jan 22, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 22, 2004 |
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Money & Banking
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Public Sector Banks Syndicate Bank plans more branches in AP coastal region Our Bureau
Visakhapatnam , Jan. 21 SYNDICATE Bank proposes to open 15 more branches in coastal Andhra Pradesh during 2004 as a part of an overall effort to increase the branch network all over the country, according to Mr K.M Shet, the Executive Director. At a press meet here on Wednesday evening, Mr Shet said that the bank had identified Vijayawada-Visakhapatnam as one of the potential growth areas and had applied for licences to set up 15 more branches. "We are hopeful of completing the process by the end of the year and by March, 2005, we are planning to set up 150 more branches all over the country including the 15 in coastal AP," he said. He said the retail portfolio of the bank had gone up by 5,000 crore and the bank was concentrating on customer services. He said the bank had at present 118 ATMs and the number would go up by 125 more by the end of the current financial year. Presently, the bank had 81 inter-connected branches and the number would rise to 225 by the end of March. All efforts would be made to bring the net NPAs from the present level of 4.55 per cent to 4 per cent by the end of the financial year, he said. The global business of the bank had touched Rs 55,038 crore by the end of December, 2003, and the target was to touch Rs 62,000 crore. The bank was issuing global credit cards and the target was to issue 2 lakh cards during the next six months. The bank was also taking over housing loans from other banks, he added. Answering a query, he explained that the dip in the net profit during the last quarter was due to the higher income tax paid during the period.
More Stories on : Public Sector Banks | Andhra Pradesh
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