SIB Q2 net profit at Rs 77 crore

South Indian Bank (SIB) reported its highest-ever quarterly net profit of Rs 77 crore for the quarter ended September 30, 2010, as against Rs 72.56 crore for the corresponding quarter of the previous year. The net profit for the six month period increased to Rs 135.44 crore from Rs 132.68 crore, a bank press release said. The total business of the bank has increased by Rs 9,942 crore from Rs 33,147 crore to Rs 43,089 crore on year-on-year basis registering a growth of 29.99 per cent. While the deposits have gone up by Rs 5,324 crore (26.98 per cent) from Rs 19,736 crore to Rs 25,060 crore, the advances increased by Rs 4,618 crore from Rs 13,411 crore to Rs 18,029 crore registering a growth of 34.43 per cent.

The bank earned a total income of Rs 1,206.16 crore during the six months as against Rs 1,055.62 crore for the previous year, a growth of 14.26 per cent. The capital adequacy ratio (CAR) of the bank is healthy at 15.86 per cent under Basel II norms against the regulatory require-ment of 9 per cent. The net NPA percen-tage dropped to 0.38 per cent from 0.43 per cent. The bank had opened 30 new branches and 40 ATMs during the quarter and the total number of outlets crossed 1,000. The bank is planning to open 30 more branches this fiscal.