South Indian Bank H1 net zooms 90%

South Indian Bank (SIB) today reported a 90% increase in net profit for the half year ended 30 September, 2007 at Rs 35.69 crore as against Rs 18.81 crore in the same period last year.

Announcing the results, V A Joseph, chairman, South Indian Bank, said total business increased by Rs 5,263 crore to Rs 23,079 crore from Rs 17,816 crore on year-to-year basis - a growth of 29.54%.  While deposits increased by Rs 3,073 crore from Rs 10,859 crore to Rs 13,932 crore [28.30%], advances increased by Rs 2,189 crore from Rs 6,958 crore to Rs 9,147 crore (a growth of 31.46%).

The total income increased to Rs 668 crore, an increase of 33.60% from Rs 500 crore in the year-ago period.

The FII-holding in Thrissur-based SIB has moved up to 47.46% after the recent issue of two crore equity shares to qualified institutional buyers (QIB) as against the permissible limit of 49%. The bank has been able to mobilise Rs 326 crore through the issue at a premium of Rs 153 per share of Rs 10 each. The major investors include International Finance Corporation [4.80%], Fidelity [2.77%], Blue Ridge [2.99%], India Capital Opportunity Fund [1.66%], De Shaw [1.66%] and First Gulf Bank (1.10%).