Syndicate Bank will hire about 5,000 people in financial year 2015-16 to meet its growth plans. This will include 2,900 officers and 2100 clerical cadre staff, said T.K.Srivastava, Executive Director, Syndicate Bank.
"We have already placed an indent with the Institute of Banking and Personnel Selection to hire about 5,000 during next financial year," Srivastava said announcing the Bank's December quarter results. The Bank currently has about 29,000 employees managing a total of 3463 branches as of December, 2014. About 800 employees are expected to retire by end-March.
Syndicate Bank has seen its business per employee increase to Rs 14.52 crore at the end of December quarter as against Rs 12.81 crore in the corresponding period last year, a growth of 13.3 per cent. However, the net profit per employee on an annualised basis stood at Rs 4.37 lakh as against Rs 5.95 lakh in December quarter last year.
Syndicate Bank reported a 20 per cent decline in net profits for the December quarter on lower net interest income and higher tax expenses.
The Manipal-headquartered public sector bank reported a net profit of Rs 304.99 crore for the December quarter as against Rs 379.76 crore in corresponding last quarter. The operating profit for the quarter was 4 per cent higher at Rs 838 crore against corresponding last quarter's Rs 806 crore. The net interest income, the difference between the interest earned and expended for the December quarter stood at Rs 1317.68 crore against corresponding last quarter's 1358.53 crore.