Daijiworld Media Network - Udupi (SP)
Pics by Hemanath Padubidri

Udupi, Jun 27: Addressing a press conference held after the conclusion of the general body meeting of Syndicate Bank held at the Syndicate Bank Golden Jubilee Hall Manipal on Friday June 26, executive director of the Bank V K Nagar informed, that the bank has set before itself a target of Rs 2.24 lac crore turn over in the next year. During the year, about a hundred new branches and over 200 ATMs are proposed to be opened, with the ATM locations moving closer to the places of customer-convenience. With the declaration of 15% dividend at the general body meeting, total dividend paid by the Bank for the current year inclusive of the interim dividend, has risen to 30%, he explained.

The other executive director R Ramachandran informed, that the Bank infused Rs 394 crore to improve the capital adequacy ratio that had fallen short, through issuance of bonds. 

Nagar informed that the global business of the bank had shown a growth of 23.7% to reach Rs 1.98 lac crore, comprising of Rs 1.14 lac crore deposit and Rs 82,495 crore advances. In spite of global recession, the bank was able to post a net profit of Rs 913 crore for the year ended March 3 1, 2009, he disclosed.

General manager V Kalyani welcomed. At the general body meeting, three directors, Bhupinder Singh Soori from Delhi, M Bhaskar Rao from Hyderabad and A R Nagappan from Coimbatore were re-elected.