South Indian Bank raises Rs 200 cr Tier II capital

Thrissur-based South Indian Bank (SIB) today said it has raised Rs 200 crore Tier II capital through issue of bonds.

The bank is comfortable with the Capital Adequacy Ratio at present, SIB Managing Director and CEO V A Joseph said.

"But we want to be well capitalised for the growth of our aggregate business, which we expect to reach over Rs 36,000 crore at the end of this fiscal and are targetting Rs 75,000 crore in 2012-13," he said.

The Life Insurance Corporation (LIC) of India has subscribed to Rs 135 crore out of the bond issue of Rs 200 crore, SIB said in a release here.

 

The bank has registered the highest ever quarterly net profit of Rs 60.11 crore for the first quarter of this fiscal.