The Hindu : Business : South Indian Bank’s net up

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Friday, Oct 12, 2007
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South Indian Bank’s net up

Special Correspondent

Plans to open 15 more branches in the current year

CHENNAI: South Indian Bank has reported a net profit of Rs. 35.69 crore for the second quarter ended September 2007, up from Rs. 18.81 crore (excluding extra-ordinary profit on sale of BhOB shares) for the corresponding period in the previous year. This represents a growth of 90 per cent.

The profit for the half-year ended September 2007 is Rs. 66.06 crore as against Rs. 33.88 crore (excluding extra-ordinary profit on sale of BhOB shares) for the same period last year. The total business of the bank has increased by Rs. 5,263 crore from Rs. 17,816 crore to Rs. 23,079 crore on a year-to-year basis, registering a growth of 29.5 per cent.

While deposits have gone up by Rs. 3,073 crore from Rs. 10,859 crore to Rs. 13,932 crore, advances have increased by Rs. 2,189 crore from Rs. 6,958 crore to Rs. 9,147 crore.

The bank has earned a total income of Rs. 668 crore during the half-year, registering a growth of 33.6 per cent.

The capital adequacy ratio of the bank is 14.36 per cent. The bank had declared 2007-08 as the ‘Year of Youth’ and has launched a novel deposit scheme ‘Youth Plus’ with technology features focusing the younger generation.

The bank, according to a release, is planning to open 15 more branches during the current financial year to take the total number of branches to 500.

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