Syndicate Bank to raise capital of Rs 500 cr

Syndicate Bank to raise capital of Rs 500 cr

Agency News

Bengaluru, Jul 24 : The Public sector Syndicate Bank has finalised its plan to raise Rs 500 crore from the public, the Bank’s Chairman and Managing Director, Mrithyunjaya Mahapatra, informed here on Wednesday.

At a press conference here, Mahapatra, said the management of the bank, which met here had decided to write a letter to SEBI on raising an additional capital of Rs 500 crore, shortly.

“With the infusion of additional Rs 500 crore, the banks’s growth capital position would improve” he said.

He also informed that the Bank, ending the first quarter ending June 2019, had registered a net loss of Rs 980 crore. This had narrowed down from Rs 1282 crore, from its corresponding previous quarter of Financial year 2018-19.
The global business of the bank stood at Rs 4,75,225 crore at the end of the first quarter of 2019-20, he said and the net Interest income of the bank had shown an impressive increase from Rs 1506 crore in June 2018 quarter to Rs 1792 crore in June-2019 quarter.

He also informed that the bank’s credit portfolio continues to be diversified with share of Retail, Agriculture, MSME at 56 per cent of the domestic advances, and expressed confidence that the ratio would reach to 60 per cent at the end of the financial year.
The interest income for the quarter ended June-2019 increased to Rs 5,545 crore from Rs 5,257 crore .