SIB FY07 net zooms 103% to Rs 104cr

Private sector lender South Indian Bank (SIB) today posted an over 100% jump in net profit at Rs 104.12 crore for the fiscal ended March 2007 (FY07) when compared with Rs 50.90 crore previous fiscal.

South Indian Bank succeeded in reducing the net NPA to 0.98% as against 1.86% in the previous year, V A Joseph, its chairman & CEO,  said at the bank's 79th AGM here.

Following various earnest steps taken by the bank, the NPA had been brought down to a negligible level, he added.

The bank's business has touched Rs 20,547 crore with deposits of Rs 12,239 crore and advances of Rs 8,308 crore.

SIB's networth had gone up to Rs 723.96 crore as against Rs 640.85 crore previous year.

The bank's total branch network touched 475 with 34 extension counters spread in 23 states. It had applied for permission for opening 30 more new branches in the current fiscal. The bank was operating 175 ATM centres with a card base of 2.88 lakh, Joseph added.

The lender's NRI deposits stood at Rs 3,158.46 crore for the year under review, an increase of Rs 243.46 crore, constituting 25% of the total deposits.