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11 Dec 2023, Edition - 3072, Monday

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Syndicate Bank expects two per cent growth this year

Covai Post Network


Coimbatore : The public sector Syndicate Bank, which saw a negative growth in the last two quarters, is expecting to achieve a two per cent growth in this financial year, a top Bank official said today.

The bank had de-grown in the last six months (two quarters) this fiscal of 2018-19, particularly due to some NPAs and also due to waivers of loans in agriculture sector, the Bank Managing Director and CEO, Mruthyunjay Mahapatra told reporters here.

The bank is not under capital pressure and could afford to wait till the market sentiments improve, Mahaptra said that Bank's Capital Adequacy Ratio is 12 per cent and looking at a growth capital of Rs.500 crore to Rs.1,000 crore.

The bank has plans to raise Rs.400 crore to Rs.500 crore under  Employee Share Purchase Scheme, by giving share to the employees 20 to 25 per cent less than the market prices, he said.

The Bank is also contemplating issue of Rights share or tier I bonds by the end of the last quarter of the current fiscal, he said.

To a question on NPA, Mahapatra said that the bank has exceeded in its recovery, particularly from corporates, which stood at Rs.3,700 crore against the targeted Rs.3,000 crore.

" We were seeing some bottoming out of corporate NPAs, but because of farm loan waiver, we had to provide for Agri-NPA, during the third quarter," he said.

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