SIB Q4 net profit increases 26.13%

The bank posts Rs 154 cr profit in Q4 as against Rs 122 cr in the same quarter of the last fiscal

(SIB) has posted a 26.13 per cent increase in net profit during the March quarter at Rs 153.83 crore as against Rs 121.95 crore in the same quarter of the last financial year. The net profit for the 2012-13 financial year was recorded at Rs 502.27 crore as against Rs 401.65 crore in 2011-12, registering growth of 25.05 per cent. The bank today recommended a dividend of 70 per cent against 60 per cent in the previous year.

According to managing director and chief executive officer V A Joseph, the total business increased Rs 12,290 crore to Rs 76,425 crore, registering growth of 19.16 per cent. Deposits went up to Rs 44,262 crore from Rs 36,501 crore, rising 21.26 per cent.

Advances increased Rs 4,528 crore to Rs 32,163 crore, up 16.39 per cent. SIB earned a total income of Rs 4,769.22 crore during 2012-13 as against Rs 3,830.50 crore in the previous financial year, growing 24.51 per cent.

The bank has targeted a total business of Rs 92,000 crore by the end of 2013-14. It has proposed to open 50 branches and 200 automated teller machines, Joseph said.