The private sector bank, South Indian Bank, has announced its quarter 2 results, which show an increase in net profits by 24.08 percent. The bank has registered net profits to the tune of Rs. 220.18 crore this quarter, a rise from Rs. 177.44 crore it registered for the same quarter last fiscal year.
The Kerala headquartered bank did business worth Rs. 67, 110 crore in the second quarter, recording a business growth of 19.02 percent, when compared to the total business done last year (Rs. 56, 386 crore). It advanced loans to the tune of Rs. 28, 620 crore as compared to Rs. 23, 348 worth of loans advanced last year, registering 22.58 percent increase in loans. As for deposits segment, presently the bank's deposits stand at Rs. 38, 490 crore, an increase of 16.50 percent, as compared to previous fiscal's deposits collection at Rs. 33, 038 crore.
Talking about the bank's results in the second quarter, the Managing Director and Chief Executive Officer od South Indian Bank, Mr. V. A. Joseph said that the rise in its net profits can be credited to the increase in the bank's net interest margin. He also added that the bank plans to do business worth Rs. 75, 000 crore by the end of this financial year (31 March, 2012). The bank also plans to increase the total number of its branches and ATMs to 750 each by 31 March, 2012.