South Indian Bank posts Rs 77 cr profit in Q2

South Indian Bank (SIB) today said it clocked its highest-ever quarterly net profit of Rs 77 crore in the second quarter of the current fiscal, as compared to Rs 72.56 crore in the year-ago period.

SIB registered a total income of Rs 624.38 crore during the July-September quarter of 2010 as against Rs 534.38 crore in the corresponding quarter of the previous year, a press release  issued here today stated.

In H1, FY11, SIB earned a total income of Rs 1,206.16 crore as against Rs 1,055.62 crore in the year-ago period, up 14.26 per cent.

Its net profit for the six-month period stood at Rs 135.44 crore as against Rs 132.68 crore in the corresponding half of the previous year, the release said.

Total business of the bank increased by 29.99 per cent on a year-on-year basis, from Rs 33,147 crore to Rs 43,089 crore.

While SIB's deposits increased by 26.98 per cent from Rs 19,736 crore to Rs 25,060 crore, its advances rose by 34.43 per cent from Rs 13,411 crore to Rs 18,029 crore.

The value of its current account, savings account (CASA) increased by 25.19 per cent from Rs 4,776 crore to Rs 5,979 crore.

The bank has a healthy capital adequacy ratio of 15.86 per cent under Basel-II standards as against the regulatory requirement of 9 per cent.

Due to extensive monitoring and recovery measures, the bank reduced its net NPA percentage to 0.38 per cent in the quarter ended September from 0.43 Per cent in the year-ago period, the release said.

The bank has achieved an NPA coverage ratio of 70.54 per cent as against the benchmark of 70 per cent stipulated by the Reserve Bank as on September 30, it added.