Syndicate Bank business up 40 per cent
By Our Banking Bureau | 08 Apr 2004
Thiruvananthapuram: Syndicate Bank's deposits and advances have crossed Rs 62,000 crore in 2003-04, an increase of about 40 per cent over the previous year.
The business comprised deposits of Rs 41,000 crore and advances of around Rs 21,000 crore, according to Mr Michael Bastian, Chairman and Managing Director.
Mr Bastian said that the business had been going up by an average of Rs 1,000 crore per month over the last one-and-a-half years.
He added that the bank had made higher provisions for net non-performing assets and as a result, the net NPA was expected to come down to 3.5 per cent from 4.5 per cent in the previous year.