Banks record growth in 2013-14 fiscal

The operating profit of Syndicate Bank for the fourth quarter (2013-14) was recorded at Rs 998 crore against Rs 901 crore during the corresponding period in 2012-13.

The year on year profit saw an increase of 11 per cent.

According to a press release from the Assistant General Manager, regional office, Syndicate Bank, Mysore, H Chandra Shekar, the global business increased from 3,34,779 crore (2012-13) at the fourth quarter to Rs 3,88,584 at the end of the same period in 2013-14 (up by 16 per cent on year on year basis).

Domestic business increased from Rs 2,91,337 crore at the end of previous fiscal to Rs 3,30,701 crore (increase of 14 per cent on year on year basis).

Global deposits increased from Rs 1,76, 241 crore at the culmination of previous fiscal to Rs 1,85,356 crore, an increase of 15 per cent, followed by domestic deposits, from Rs 1,67,055 crore to Rs 1,86,966 crore, witnessing an increase of 12 pc.

The rate of advances at global level increased from Rs 1,49,423 crore to Rs 1,76,241 crore (up by 18 pc), while the domestic advances increased from Rs 1,24,282 crore to Rs 1,43,735 crore (up by 16 pc).

Kaveri Grameena Bank

Kaveri Grameena Bank (KGB), sponsored by Government of India, State government and State Bank of Mysore has recorded a net profit of Rs 44.75 crore during the financial year 2013-14. This is a 36.52 per cent growth in profit, as compared to the last financial year.

According to a release by KGB, the aggregate business of the bank has been Rs 8,401.5 crore, which is an increase by Rs 1,542.51 crore (growth of 22.49 per cent) as compared to 2012-13.

Aggregate advances of the bank has also increased by 23.91 per cent, with advances amounting to Rs 3,734.85 crore disbursed by the bank.

Aggregate deposits at the bank stood at Rs 4,666.65 crore.

During the year, Rs 181.55 crore has been distributed to 6,700 self help groups. During the year, the bank has also added 66 new branches, taking the number of branches to 400 in 10 districts of the State.

For the financial year 2014-15, KGB plans to open 60 new branches in various parts of the State.