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CHAIRMAN AND MANAGING DIRECTOR'S SPEECH DELIVERED AT THE 13TH ANNUAL GENERAL MEETING OF THE BANK HELD AT MANIPAL ON 17.07.2012
On behalf of the Board of Directors, my colleagues at SyndicateBank and also on my personal behalf, I extend a very warm welcome to all of you to this Thirteenth Annual General Meeting of your Bank. It gives me great pleasure to present the Annual Report of the Bank together with the audited financial statements for the financial year ended 31st March 2012.
Even though the year 2011-12 started with great optimism and bullish market sentiments, the Global economy got hit by the world’s biggest financial crisis i.e. euro zone sovereign debt crisis and weakness of the US real estate market, escalating commodity prices, overheating of certain emerging markets, crude oil prices and geo - political tensions leading to slow down in recovery of the global economy.
The country’s GDP is estimated to grow by 6.5% during 2011 – 12 as per the revised estimate of Central Statistics Office of Government of India as against 8.4% registered in FY 2010 – 11, with the inflation continuing to be a dominant factor due to burgeoning crude oil prices, surge in food prices, sharp fall in investments and fall in external demand.
Even in this critical period, I am pleased to announce that your Bank could achieve a better result, which is reflected in our Bank’s Financial Statements.
The highlights of the Bank’s financial performance for the Financial Year 2011 - 12 are outlined below:
During the year, 214 branches were opened taking the domestic branch network to 2709 comprising 873 rural, 672 semi-urban, 584 urban, 566 metro & port town branches and 14 Ultra small branches.
The Bank has added 30 ATMs during the year to bring the total number of ATMs to 1240 spread across 668 centres throughout the country.
The Bank created history by opening 108 branches across the country on a single day (31-03-2012) which was inaugurated by Shri. Namo Narain Meena, Honourable Union Minister of State for Finance.
The Bank has already made its overseas presence felt by having a Branch in London and managing two exchange houses in Qatar and Sultanate of Oman.
BUSINESS CROSS SECTION:
Inspite of the tough economic environment, and keeping in tune with the buoyant financial performance of the Bank, your Directors are pleased to recommend a dividend of 38 percent for the financial year 2011 – 12.
THE WAY AHEAD
During the year 2011-12, banking industry had faced various critical challenges, but through sound policies, careful planning and the confidence of staff members and patronage of our huge customer base, we have been fortunate to ride the storm and succeeded in consolidating our growth in the industry. Friends, the future banking is rather more intense and complex and we have to get ourselves ready to face the difficult times and challenging situations with even more vigor and strength.
Your Bank has set target of Rs. 3,50,000 crore milestone in total business and opening of 300 branches to cross the landmark of 3000 branches during the financial year 2012-13.
The Bank has initiated process to establish a separate vertical for (a) Fee based Income and also (b) Mid Corporate segment to cater to their banking/credit requirements.
Bank has also initiated steps for creation of a separate vertical at Corporate Office, Regional Offices to accelerate marketing efforts to augment fee based income.
In order to drive the recovery process aggressively in respect of Special Monitoring Accounts (SMA) and Non Performing Assets (NPA), through a dedicated team supplementing the efforts of branches, Bank has operationalised a focused recovery team called “Stressed Tiny Assets Recovery Team” (START)
Strategically, our focus continues to be on the Retail Banking viz. CASA growth,lending for Housing, MSME, Agriculture, fee based income, reducing NPA level and more retail credit disbursement. The Bank has opted “LEAD” as the corporate theme for the financial year 2012-13 which signifies as under:-
L E A D
With diversified and multiple business lines, our Bank is recharging for growth for the medium to long term while aiming at long term sustainability and maintaining focus on its core mission and realigning all its strengths. I hope with the support of present proactive management team, dedicated staff members and patronage of our 28 million customers, the targets set will be achieved smoothly further taking this vibrant organization to greater heights of achievements.
I take this opportunity to thank the members of the Board, the Government of India and the Reserve Bank of India for their valuable support and guidance. I thank all our shareholders for the confidence and faith they have reposed in us. I thank all our customers for their continued co-operation and support. I also place on record my appreciation for the dedication and commitment put in by our staff members for enabling the Bank to scale new heights and performance.
Finally, I thank one and all of you for attending this meeting.
(M G Sanghvi)
Chairman & Managing Director
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