Syndicate Bk logs 50% profit rise; plans raising Rs 1,500 cr
35 crore for the quarter ended December 31, 2011, the bank chief said.
"We have reduced dependence on high cost deposits. There is qualitative Credit growth that is also contributed... we have enhanced over recovery and upgrading activity, which helped us to improve our net interest income and net interest margin for the quarter," he said.
The bank has also launched aggressive marketing efforts to attract mid corporate sector to improve credit growth, Sanghvi said when asked the reason for high growth.
Interest income of the bank grew by over 6 per cent to Rs 4,220.59 crore during the three-month period ending December 2012. In the year-ago period, the interest income stood at Rs 3,973.94 crore.
Replying to a query, he said they expect more than 20 per cent growth in credit off-take and around 17 to 18 per cent growth in deposits next year.
CASA (Current Account, Savings Accounts) which currently constitutes 31.5 per cent is expected to grow by 0.5 per cent by the end of the current fiscal and another one per cent by the end of next fiscal, he maintained.
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