Syndicate Bank’s branch at Gara Charma, near Port Blair in Andaman became the star performer in the gold loan segment, with a business of Rs 15 crore in the last fiscal. The branch performed best among competing banks on the Andaman and Nicobar islands. For the upcoming festive season it is all set to re-launch its gold coin, weighing 2 gm, 4 gm, 8 gm and 10 gm.
The bank is planning to double its gold loan shops by March across the country, considering growing gold loan business. The bank has 60 such shops now and wants to take them to 100. It offers quick loans as well as overdraft facility against gold.
The bank has registered a rise of 28.38% in its net profit at Rs 440.22 crore for first quarter ended June 30, 2012, as compared to Rs 342.91 crore for the same quarter in the previous year. Total income of the bank has increased by 21.36% at Rs 4478.06 crore for Q1FY13 as compared Rs 3689.92 crore for the corresponding quarter previous year.
