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Tuesday, May 14, 2013

Syndicate Bank hopes to reduce bad loans by 20% this year

Syndicate Bank has drawn up a strategy to bring down non-performing assets. “We are implementing stressed tiny assets recovery programmes, besides offering one-time settlements by conducting ‘Synd Adalats’ every quarter to reduce NPAs by 20 per cent this year,” the bank’s Executive Director M. Anjaneya Prasad told newspersons here on Monday.

The Bangalore-based bank’s gross and net NPA levels fell in the financial year ended March 31, 2013, compared to the previous year.

They came down from 2.35 per cent to 1.99 per cent and 0.96 per cent to 0.76 per cent respectively.

The regional offices were given specific targets on recovery which were being closely monitored, he added.


In the current financial year, Syndicate Bank is targeting 25 per cent growth in total business. In the last financial year, it logged 18 per cent growth in business at Rs 3.34-lakh crore and a net interest margin of 3.19 per cent.

Increased focus on retail, micro, small and medium enterprises and mid-corporates will be the key drivers to achieve the projected growth. The NIM for the full year could be above 3 per cent, he added.

The process of restructuring stressed assets is also going on. As on March, 2013, assets worth Rs 9,125 crore were restructured. “Assets worth t Rs 200-300 crore may be restructured in the next quarter,” the official said.

Source: thehindubusinessline


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