Syndicate Bank inks pact with Karnataka Government

Syndicate Bank, country’s public sector lender has inked pact with Karnataka Government by signing Memorandum of Understanding (MoU) for offering line of credit to ‘A' rated companies or entrepreneurs, investing in projects in the State during the Global Investor's Meet. On behalf of bank M. G. Sanghvi, Chairman and Managing Director, Syndicate Bank, signed the MoU.

Backed by 18% growth in operating profits, Syndicate Bank’s net profit for Q4 of last fiscal grew 7%. Net profit for the quarter stood at Rs 309.43 crore, compared with Rs 289.29 crore recorded during the corresponding quarter of 2010-11. The operating profits of the bank grew to Rs 790.44 crore from Rs 671.96 crore in the same period last year, and net interest income grew 15%.