Money & Banking

Syndicate Bank business crosses ₹5-lakh crore target for FY20: CEO

Anil Urs Bengaluru | Updated on January 06, 2020 Published on January 06, 2020

Mrutyunjay Mahapatra, MD and CEO, Syndicate Bank

Bengaluru-based Syndicate Bank began the new year by crossing a milestone of ₹5-lakh crore business (as on December 31, 2019) that the public sector bank had targeted for the financial year 2019-20. During the year, the bank grew its outreach by adding 10 new branches, 24 ROs and one ZO, taking the total number of branches to 4,061.

The bank witnessed a well segmented and granular growth across corporate, MSME and retail businesses.

Also read: Syndicate Bank provides breather MSME customers for restructuring of loan

Mrutyunjay Mahapatra, MD and CEO, Syndicate Bank, said: “It was overwhelming to see how all our departments contributed significantly for achieving this milestone. We conducted multiple campaigns such as MSME outreach campaign, MSME Saptah, RTD campaign, third-party products campaign, Switch and Save campaign, Mission 10K crore plus campaign, Mission 2,000 crore RAM campaign, among others, to push the business. Achieving the annual target much ahead of its time is a testimony of the trust that customers have shown on us. The bank promises to continue its rally of business and earnings growth in coming quarters, too.”

Every business unit contributed to growth, including retail, MSME and priority sector.

Under retail banking, the housing loan portfolio grew significantly due to the Takeover Home Loan Dhamaka campaign and lowest interest rate of 8 per cent offered by the bank. Syndicate Bank achieved 42.48 per cent in priority sector lending, which is much ahead of the mandatory target guideline of 40 per cent prescribed by the RBI.

The MSME portfolio got an impetus with the formation of an exclusive MSME business vertical.

The year also witnessed proliferation of the bank’s products with the launch of its Customer Outreach Initiatives that were launched during the festival season, starting with Dussehra in October 2019.

Published on January 06, 2020
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