South Indian Bank posts record profit at Rs 401 cr in FY12

Profit up 37.3% from prevoius fiscal

Kerala-based South Indian Bank today registered the highest ever annual net profit at Rs 401.66 crore for 2011-12, up 37.29%from Rs 292.56 crore in the previous fiscal.

The net profit for the quarter ending March 31, was up 49.17% to Rs 121.96 crore, as against Rs 81.76 crore in the last quarter of the previous year.

Announcing the results after a board meeting, the bank Managing Director and CEO V A Joseph said the bank is targeting a total business of Rs 78,000 crore in 2012-13 and Rs 1 lakh crore by 2014.

The bank's business increased by Rs 13,616 crore to Rs 64,136 crore from Rs 50,520 crore on year-to-year basis.

While the deposits increased 22.81% from Rs 29,721 crore to Rs 36,501, the advances grew by 32.87% from
Rs 20,799 crore to Rs 27,635 crore.

CASA of the bank grew from Rs 6,404 crore to Rs 7,179 crore, up 12.11%.

Joseph said the robust growth in business, good recovery, and yield on advances enabled the bank to attain the present performance.

The bank, which had earlier planned to raise Rs 1,000 crore, has revised the same to Rs 400 crore, though it is yet to decide on the route to take to raise the amount.

South Indian bank would provide jobs to 1,000 new staff, both in officer and clerical cadres, this year against last year's 750.

The bank plans to increase its branches and ATMs to 750 each by the next fiscal. The Capital Adequacy Ratio stands at 71.36% as on March 31.