South Indian Bank net profit up

Bank earned a net profit of Rs 127 cr as against Rs 115 cr

Kerala-based South Indian Bank (SIB) reported a 10 per cent increase in net profit at Rs 126.65 crore in the first quarter ended June 30 this year against Rs 114.84 crore in the year-ago period. Operating profit during the period was Rs 220.94 crore.

Announcing the results here on Wednesday, Managing Director and CEO of the bank V A Joseph said the total business of the bank increased 8 per cent at Rs 81,181 crore during the quarter as against Rs 75,123 crore in the corresponding period last financial year.

Total deposits increased to 46,489 crore, recording a rise of 6.67 per cent and total loans increased 10 per cent to Rs 34,692 crore. Total income of the bank increased to Rs 1,465.85 crore from Rs 1,342. 88 crore in the same quarter of the last financial year.

Income from interest was Rs 1,344.68 crore. The gross NPA has been reduced to 1.50 per cent and net NPA dropped to 0.91 per cent. Joseph said gross NPA could be maintained below 1.20 per cent and net NPA below 1 per cent in the current financial year. EPS recorded at Rs 3.78.

The number of branches would be increased to 850 on a pan India basis from the present 800, in the current year, he said. Branches will be opened in Arunachal Pradesh and Sikkim in this year.

Then the bank will have presence in 28 states, except in Manippur. The staff strength of the bank will be raised to 7500 by the end of this fiscal.