Syndicate Bank is planning to open 55 new branches in Andhra Pradesh and Telangana during the current financial year. Further, the bank has also fixed a target to take the total business to Rs 55,000 crore by March 31, 2016. During the year ended March 31, 2015, the Bank’s business in the two states grew 24% from Rs. 37,000 crore to 46,000 crore.
The bank has posted a rise of 1.86% in its net profit at Rs 416.92 crore for the quarter ended March 31, 2015 as compared to Rs 409.3 crore for the same quarter in the previous year. Total income of the bank has increased by 23.18% at Rs 6599.13 crore for quarter under review as compared to Rs 5357.4 crore for the quarter ended March 31, 2014.
