Financial Daily from THE HINDU group of publications
Saturday, Jun 28, 2003
Financial Daily from THE HINDU group of publications Saturday, Jun 28, 2003 |
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Money & Banking
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Public Sector Banks Syndicate Bank sets higher targets Our Bureau
Mr Michael Bastian
MANGALORE, June 27 SYNDICATE Bank has set itself a global business target of Rs 57,000 crore to be met by March 2004. Currently, the bank's global business has crossed Rs 47,687 crore and global advances have grown from Rs 15,510 crore to Rs 17,026 crore as of March 2003. According to a press release, the bank's Chairman and Managing Director, Mr Michael Bastian, addressing the fourth annual general meeting of shareholders at Manipal highlighted the spurt in operating and net profit for 2002-03. The bank's operating profit at Rs 618.79 crore has shown an increase of 74.19 per cent over the previous year, while net profit increased from Rs 250.55 crore to Rs. 344.13 crore as of March 2003. The bank has declared a dividend of 15 per cent for 2002-03 as against 12 per cent last year. Savings bank deposits at Rs 8,600 crore have increased at the rate of 15 per cent. Low cost deposits constituted 41.32 per cent of total deposits. The credit/deposit ratio increased to 50.24 per cent from 47.21 per cent during the year. The cost of funds is 4.96 per cent and cost of deposits 5.97 per cent. As for the credit portfolio, the continued focus would be on retail loans, Mr. Bastian said. On the technology front, the bank has adopted the centralised banking solutions system as the `architecture' for setting up a multi-channel delivery platform. The bank is focusing on leveraging Internet banking and tele-banking and with its full array of delivery channels in place hopes to be in a position to scale up operations to the targeted level. The bank also plans to open 150-200 new branches in the current year with no additional overheads by redeploying staff rendered surplus in centralised banking solution (CBS) branches and `swapping excess premises surrendered in the new CBS branches.' The bank also plans a fresh thrust to its marketing initiative with the constitution of marketing teams at the zonal and regional levels. The focus on `relationship banking', the setting up of a marketing division coupled with plans to expand its bank network are expected to facilitate the expansion of the bank's customer base by at least 10 per cent during the current year.
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