Syndicate Bank Plans 150-200 Branches

Bangalore, June 26: | Updated: Jun 27 2003, 05:30am hrs
Syndicate Bank plans to open 150 to 200 new branches in the current year with no additional overheads by redeploying staff in core banking solution branches (CBS) and swapping excess premises surrendered in the CBS branches.

Addressing the fourth AGM of the bank in Manipal, Syndicate Bank chairman and managing director Michael Bastian said the bank is also giving fresh thrust to marketing by setting up marketing teams at zonal and regional levels. He said with this the bank hopes to increase its customer base by 10 per cent in the current fiscal.

It has registered a net profit of Rs 344.13 crore in FY03 as against Rs 250.55 crore in FY02. The cost of funds is 4.96 per cent and the cost of deposits 5.97 per cent. It has declared a dividend of 15 per cent in FY03 as against 12 per cent last fiscal. It is targeting a global business of Rs 57,000 crore this fiscal. In FY03 its global business stood at Rs 47,687 crore.