Hopes to achieve a target Rs.1-lakh-cr in total business by March 2014
South Indian Bank has recorded the highest-ever net profit of Rs.401.66 crore in the year ended March 31, 2012, against Rs.292.56 crore in the previous year. The directors have recommended a dividend of 60 paise per share of the face value of Re. 1 each for the year. Last year, it paid a dividend of 50 paise per share.
Addressing a press conference, Amitabha Guha, non-executive Chairman, and V. A. Joseph, MD and CEO, said total business increased by Rs.13,616 crore from Rs.50,520 crore to Rs.64,136 crore on a year-to-year basis, a growth of 26.95 per cent.
While deposits went up by Rs.6,780 crore from Rs.29,721 crore to Rs.36,501 crore, up 22.81 per cent, advances increased by Rs.6,836 crore from Rs.20,799 crore to Rs.27,635 crore, a rise of 32.87 per cent.
Answering a question, they said the gross non-performing assets (NPA) was 0.97 per cent and the net NPA 0.28 per cent.
The bank hoped to achieve a target Rs.1 lakh-crore in total business by March 2014, the officials said. The number of ATMs would reach 800 this year.
The capital adequacy ratio was 14 per cent. The bank had also decided to raise capital to the tune of Rs.400 crore during the year, though the details were yet to be worked out, they said.
The bank also planned to recruit 1,000 personnel this year and open new branches.
Keywords: South Indian Bank annual results