SIB aims Rs 1 lakh crore business this year

Kerala-based South Indian Bank has set an ambitious business target of Rs 1 lakh crore this year, on the back of its record performance on most fronts in the last financial year.

Elabaorating on the preformance and future goals during the opening of a new Regional Office at nearby Irinjalakkuda on Friday, the bank's MD and CEO V A Joseph said high work culture and productivity of the employees had been a prominent factor in the creditable performance of the bank in the last several yeaRs

"We are aiming to achieve Rs 1 lakh crore in total business in 2014. Last year, the bank had set a target of total business of Rs 75,000 crore, network of 750 branches and 750 ATM Centres.

The bank could clock a total business of over Rs 75,000 crore, 750 branches and 800 ATM Centres before the end of the fiscal 2013," he said.

The bank registered the highest ever net profit at Rs 502.27 crore and achieved NPA recovery of Rs 204 crore against the target of Rs 268.00 crore, he said.

For FY13 the bank had worked out a personnel plan of putting up a high performance with a team of 7,500 employees. But it could actually achieve all its corporate targets with a team of just 6400, he said.

Joseph, an HR management expert, said the per head productivity of the bank increased during the period and the average age of employees had been brought down to 35 which was 49 in 2008.

The 17th Regional Office was inaugurated by Pauly Kannookadan, Bishop of Irinjalakuda Diocese. Popular film actor Innocent was the chief guest at the function.