Manipal: The Syndicate Bank’s net profit for 2007-08 registered 18.44% increase when it touched Rs 848 crore, the Bank’s Executive Director George Joseph said today.
Addressing a press conference after chairing the annual general meeting of share holders, he said the bank would go in for Qualitative Institutional Placement (QIP) by offerring eight crore shares.
However, he refused to share further details on QIP.
Commenting on the business plans for 2008-09, Joseph said it projected a global business of Rs 1,90,000 crore consisting of Rs1,12,500 crore of deposits and Rs77,500 crore advances.
It also plans to increase its branch network by opening 79 new branches.
During 2007-08, the bank had a total business of Rs1,60,368 crore and recorded a growth rate of 21.03%, he said.
The gross NPA ratio was reduced from 2.95% to 2.71%, he said.