The Hindu : Business : SIB net at Rs. 41.65 cr.

Online edition of India's National Newspaper
Wednesday, Oct 18, 2006
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SIB net at Rs. 41.65 cr.

Staff Reporter

KOCHI: South Indian Bank (SIB) has announced that it registered a net profit of Rs.41.65 crore during the second quarter of the current financial year against Rs.8.63 crore during the second quarter of the last financial year.

The bank's business increased by Rs.4,007 crore from Rs.14,217 crore to Rs.18,224 crore on a year-to-year basis, said a press release here.

Deposits went up by Rs.2,728 crore and advances increased by Rs.1,279 crore, the press release said. The bank registered an income of Rs.273 crore for the period under review, an increase of over 39 per cent over the corresponding quarter in the last financial year.

The press release said that SIB's NPA came down from 6.35 per cent to 5 per cent and the net NPA came down from 3.09 per cent to 1.69 per cent. Capital adequacy ratio increased up to 11.50 per cent from 10.28 per cent at end of the second quarter this fiscal. Earning per share went up from 5.85 to 16.11 on an annualised basis.

The bank hoped to do business estimated at Rs.20,000 crore by the end of the current financial year and bring down net NPA below one per cent, the release added.

SIB has obtained permission from the Reserve Bank of India to open 21 more branches.

By the yearend it would have 475 branches. SIB had taken over control of operations of Hadi Express Exchange, UAE, and obtained permission for commencing speed remittances arrangements for NRIs, the press release said.

The bank recently signed MOUs with four mutual funds to distribute their products that would increase the revenue under the `other income' category. SIB plans to soon launch co-branded Citybank credit card. The bank is in the process of changing its logo , the press release added.

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