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South Indian Bank net profit up by 35%

Special Correspondent

KOCHI: The Thrissur-based South Indian Bank has earned a net profit of Rs.195.14 crore in the April-December period as against Rs.144.50 crore in the same period of last fiscal, registering a growth of 35.04 per cent. “The net profit for the nine-month period has exceeded the annual net profit of Rs, 194.75 crore in 2008-09,” V.A. Joseph, Managing Director & CEO of the South Indian Bank (SIB) said here, while announcing the quarterly results.

The bank’s total business increased to Rs.35,511 crore as against Rs. 27,782 crore, registering a growth of 27.82 per cent. Total deposits increased from Rs.16,442.04 crore to Rs.20,643.23 crore by the end of last year and advances increased to Rs.14,868 crore, from Rs.11,340 crore. Deposits have grown up by 25.55 per cent and advances went up by 31.11 per cent.

Total income during April-December increased to Rs. 1,586.53 crore as against Rs.1,332.37 crore, registering an increase of 19.08 per cent. Net interest margin stood at 3.09 per cent as against 2.88 per cent for the corresponding period of last year. Annualised basic Earnings per Share (EPS) increased to Rs. 23.03 as against Rs. 17.05 of the previous year.

60 more branches

South Indian Bank has clocked 15.8 per cent increase in net profit at Rs. 62.46 crore in the third quarter of the current financial year against Rs. 54.20 crore in the corresponding quarter last year. “The bank plans to open 60 branches in six months taking the total number of branches to 635,” Dr. Joseph said. He added that SIB would soon tie up with Hutton National Bank of Sri Lanka and Qatar Commercial Bank for overseas remittances.

Recently, the State government had granted permission to SIB to accept commercial taxes.

The bank could bring down net NPA percentage to 0.39 per cent from 1.13 per cent as on March 31, 2009. The bank has already achieved an NPA coverage ratio of 74.27 per cent which is well above the stipulated rate of 70 per cent prescribed by the RBI to be achieved by September 2010.

The bank has established a CBS network of 574 branches as of today as against the annual target of 575. The branch net work now covers 26 States including far east regions like Assam, Meghalaya etc. “The bank has launched online share trading facility in association with Geojit PNB Paribas,” Dr. Joseph said.

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