SIB FY09 net up 28%, declares 30% dividend

South Indian Bank (SIB) today recorded its highest-ever net profit of Rs 194.75 crore in its 80-year history for 2008-09, registering an increase of 28.44 per cent over the previous year.

The bank declared a 30 per cent dividend for 2008-09.

At the annual general meeting, held in Thrissur, bank's Chairman G A Shenai told the shareholders that the SIB had entered the Top 1,000 World Bank Ranking in the 39th Edition of The Banker, a publication of the Financial Times, London.

The bank had finalised the arrangement to offer M-Commerce facilities to enable buying products and services through the use of mobile phones, expecting to generate considerable interest among the younger generation in the country, an SIB release said.

 

The bank's long-term planning envisaged a target of of reaching Rs 75,000 crore of aggregate business, with 1,500 delivery channels and a dedicated work force of 7,500.