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SIB’s Q1 net at Rs. 30 crore

Special Correspondent

KOCHI: Thrissur-based South Indian Bank has reported a net profit of Rs. 30.37 crore in the first quarter of the current fiscal year, registering a growth of 102 per cent. The net profit for the same period last fiscal year was Rs.15.05 crore, said Mr. V.A. Joseph, chairman and CEO of the bank.

The Bank had achieved an all-time-high net profit of Rs.104.12 crore during 2006-07 and had declared a dividend of 25 per cent, he told a news conference in Kochi.

Total business of the Bank has increased by Rs.4396 crore, from Rs.16,947 crore to Rs.21,343 crore, on year to year basis registering a growth of 25.94 per cent. While deposits have gone up by Rs.2594 crore, from Rs.10,240 crore to Rs.12,834 crore, the advances have increased by Rs.1802 crore, from Rs.6707 crores to Rs.8509 crore. The bank earned a total income of Rs.322 crore as against Rs.227 crore for the previous year. registering a growth of 41.85 per cent.

Gross Non-Performing Assets (NPA) has come down from 5.42 per cent to 3.70 per cent and Net NPA has been drastically brought down from 2.07 per cent to 0.83 per cent, a press note said.

The capital adequacy ratio is maintained at 11.06 per cent as against the regulatory requirement of nine per cent. Earnings Per Share (EPS) has gone up from Rs.8.55 to Rs.17.26. Book value per share has increased from Rs.93 to Rs.107.

The Bank had declared 2007-08 as year of youth and has launched a novel deposit scheme “Youth Plus” with technology features. focussing on the younger generation.

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SIB’s Q1 net at Rs. 30 crore

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