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South Indian Bank net profit up


Thrissur (Kerala) : The city-headquartered South Indian Bank (SIB) Thursday declared a net profit of Rs.75.36 crore for the third quarter of the current fiscal as against Rs.62.46 crore for the corresponding period of the previous year.

The net profit for the nine-month period increased to Rs.210.80 crore, up from Rs.195.14 crore last year.

In a press statement here, the bank said its total business has increased by Rs.10,675 crore – from Rs.35,511 crore to Rs.46,186 crore on an year-to-year basis – registering a growth of 30.06 percent.

The bank earned a total income of Rs.1,878.52 crore during the nine month period as against Rs.1,586.53 crore in the corresponding period last year.

The capital adequacy ratio of the bank stands at 14.89 percent as against the regulatory requirement of nine per cent.

The net non-performing assets (NPA) remained at 0.39 percent, the same level as that of the corresponding period last year.

During this period, the bank opened 33 new branches and 74 ATMs, taking the total number of outlets to above 1,000. The bank is planning to open 27 branches during the current fiscal to take the total number of branches to 640.

SIB was recently selected as the best bank in the private sector in the Businessworld PricewaterhouseCoopers survey and also by the Kerala State Forum of Bankers’ Club.