Credit rating agency, CARE has reaffirmed A1+ rating to Rs 15,000 crore Certificate of Deposit (CD) programme of Syndicate Bank.
The rating factors in the majority ownership of the bank by the Government of India (GoI), the bank’s pan-India presence, well diversified credit portfolio, modest growth in business, and its adequate capitalization levels.
Syndicate Bank is a Karnataka-based public sector bank in which GoI holds 69.47% stake. It is one of the larger public sector banks with an asset size of Rs 156,539 crore, a network of 2,494 branches (including a branch at London) and 1,220 ATMs as on March 31, 2011. The bank’s net profit for the fourth quarter jumped by 71.96% at Rs 289.29 crore as compared to Rs 168.23 crore for the corresponding quarter previous year.
