Syndicate Bank eyes Rs 3.50 lakh cr biz

Syndicate Bank eyes Rs 3.50 lakh cr biz

Public sector lender Syndicate Bank is aiming a business of Rs 3.50 lakh crore in 2012-13,  though the banking sector is feeling the heat due to the slowdown in the economy, according to the bank’s Chairman and Managing Director, M G Sanghvi.

“We are hopeful of reaching the target, though it is true that requirement for corporate credit has slowed down. Our growth will be linked to market growth,” he told reporters on the sidelines of the the bank’s 88th Foundation Day celebrations on Saturday. He also clarified that his bank does not have any exposure to Kingfisher Airlines and Deccan Chronicle Holdings Ltd.

He estimated the full year business growth at 16-17 per cent and was confident of retaining the net interest margin. “It is around 3.40 per cent and we will be able to maintain it. We have also reduced our bulk deposits, which were as high as 24 per cent of total deposits as on March 31, 2012,” he said, adding that the bank’s non performing assets at about 0.90 per cent of total advances is one of the lowest among public sector banks. Sanghvi also said that the bank will be getting a response within four weeks on its request to raise fresh equity of Rs 1,400 crore and Tier-II bonds for about Rs 100 crore.

 The bank launched four products, including International VISA Gold Card, RuPay Kisan Card and SyndNavarathna, a savings account facility for the salaried class. The bank has also planned to scale up its branch network to about 3,000 from the present 2,735, its executive director Anjeya Prasad said. 

The bank’s retail loan book stood at Rs 17,673 crore as on September 30, 2012.