South Indian Bank Q4 net up 26% at Rs 154 cr

Bank recommends a dividend of 70%

South Indian Bank has posted 26.13% increase in net profit during the quarter ended March at Rs 153.83 crore as against Rs 121.95 crore in the same quarter last financial year.

The net profit of the bank for FY2012-13 was Rs 502.27 crore as against Rs 401.65 crore in 2011-12, registering a growth of 25.05%.

The bank today recommended a dividend of 70%, against 60% in the previous year.

According to V A Joseph, managing director and CEO of the bank, the total business increased by Rs 12,290 crore, touching 76,425 crore, registering a growth of 19.16%.

Deposits had gone up to Rs 44,262 crore from Rs 36,501 crore, registering a growth of 21.26%.  

Advances increased by Rs 4,528 crore to Rs 32,163 crore, recording a growth of 16.39%. SIB earned a total income of Rs 4,769.22 crore during 2012-13 as against Rs 3,830.50 crore in the previous fiscal, registering a growth of 24.51%.

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