South Indian Bank recorded boost in Q3 net profit by 25.4%
By Joseph Samson
Jan 16, 2013
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Kerala-based lender, South Indian Bank has posted its quarterly earnings at Rs 128.25 crore for the third quarter which ended on December 31, 2012, reporting a growth of 25.44 per cent. This has been the highest earning posted by the bank.

The private sector bank had reported a net profit of Rs 102.24 crore for the corresponding period of the previous year.

For all the three quarters, the bank posted a consolidated net profit of Rs 348.45 crore against Rs 279.70 crore in the corresponding period of last year, a growth of 24.58 per cent, Managing Director and CEO Mr. V.A. Joseph said while announcing its quarterly earnings.

Total business of the bank increased from Rs 58,884 crore to Rs 68,490 crore on a year-to-year basis recording a growth of 16.31 per cent during April-December. While total deposits have increased from Rs 33,834 crore to Rs 38,940 crore, the advances has also jumped from Rs 25,050 crore to Rs 29,550 crore.

The bank's net non-performing assets (NPAs) as on December 31, 2012 stood at 0.68 per cent of the total loans disbursed against 0.24 per cent in the year-ago period. CASA (current account savings account deposits) increased 9.31 per cent to Rs 7,958 crore from Rs 7,280 crore. The bank's total income registered a growth of 26.46 per cent at Rs 3,483 crore (Rs 2,754 crore).

The total number of branches of the bank touched 741 as on December 31, 2012 against 674 in the previous year.

Despite subdued growth of the economy, the bank has achieved the net profit due to massive improvement in net interest margin, Mr. Joseph said.

Mr. Joseph also expressed confidence that the bank would be able to achieve a total business target of Rs 75,000 crore, open 750 branches and 800 ATMs by March this year. South Indian Bank would open three new regional offices at Ahmedabad in Gujarat, Muvattupuzha and Irinjalakuda in Kerala.


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