The Hindu : Business : SIB’s drive to augment business

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Wednesday, Mar 19, 2008
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Business

SIB’s drive to augment business

Special Correspondent

To open more branches, ATMs

CHENNAI: South Indian Bank has drawn up a five-year plan to drive its total business to Rs. 75,000 crore by March 2013. At present, the bank’s total business stands at around Rs. 25,000 crore. Under the five-year plan, the bank envisages its deposits to grow to Rs. 44,000 crore and advances to Rs. 31,000 crore by March 2013.

Addressing a press conference here on the eve of the bank opening its 100th branch in Tamil Nadu (Adyar in Chennai), Chairman, V. A. Joseph, said the bank would open 250 more branches during the five-year period, of which, 150 would come up in North India and the rest in the South. The bank was also aiming to open 250 more ATMs (automated teller machines) during this period. The bank at present has 214 ATMs. By the end of this month, he said, the bank would have 500 branches with the opening of a branch in Delhi on March 29.

Mr. Joseph said the bank’s farm credit stood at around Rs. 10,000 crore, of which, only Rs. 23.83 crore worth of credit would qualify under the farm loan waiver scheme announced by the Union Finance Minister, P. Chidambaram, in the budget for 2008-09.

To a question, Mr. Joseph said the bank’s NPA (non-performing assets) vis-À-vis the farm loan amounted to a meagre Rs. 14.19 crore.

The Chairman also informed presspersons that the bank had been seeing a year-on-year growth of around 30 per cent in credit off take.

In the last three months, the growth in credit offtake had been six per cent, he added.

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