SIB targets Rs 75k cr via expansions, retail biz

Kerala-based private sector South Indian Bank is targeting business worth Rs 75,000 crore by 2013, driven by branch expansion and growth in retail business, Managing Director and Chief Executive Officer V A Joseph said in an interview.

“We are looking for pan India presence with an ambitious business target. We have achieved double-digit growth in the past two-three years. We are expecting similar growth in the next two-three years,” he said today. In 2009-10, he expects the bank to achieve a business of Rs 36,000 crore and a net profit of Rs 230 crore. The bank had achieved business worth Rs 31,000 crore and posted a net profit of Rs 194 crore in 2008-09.

 

The bank has got the Reserve Bank of India’s approval to set up 32 new branches this financial year, Joseph said. These branches will be mainly set up in Delhi, West Bengal, Himachal Pradesh, Meghalaya, Tripura, Orissa and Bihar.