Manipal-based public sector lender Syndicate Bank has decided to increase its fee-based income to atleast 20% over last year and it has created a separate wing and recruited professionals for the same. It has taken on board 20 chartered accountants and tied up with nine mutual funds in the last few months, including HDFC, Reliance and IDBI, to drive up business from the capital market, mutual funds and insurance.
The bank has posted a rise of 43.48% in its net profit at Rs 463.37 crore for the quarter ended September 30, 2012 as compared to Rs 322.94 crore for the same quarter in the previous year. Total income has increased by 13.22% at Rs 4546.33 crore for quarter under review as compared to Rs 4015.64 crore for the quarter ended September 30, 2011.
