SIB Net profit doubles

SIB reported 102 per cent increase in net profit by clocking Rs 30.37 crore in Q1 FY07-08. Its net profit during the corresponding period last year was Rs 15.05 crore. The bank's total business increased by Rs 4396 crore, from Rs 16.947 crore to Rs 21,343 crore on year-to-year basis, registering a growth of 25.94 per cent.

While the deposits have gone up by Rs 2594 crore from Rs 10,240 crore to 12,834 crore, registering a growth of 25.33 per cent, the advances have increased by Rs 1802 crore from Rs 6707 crore to Rs 8509 crore, which is a growth of 26.87 per cent.

The bank earned a total income of Rs 322 crore in the first quarter, registering a growth of 41.85 per cent. The gross NPA has come down from 5.42 per cent to 3.70 per cent and net NPA has been brought down from 2.07 per cent to 0.83 per cent.

The capital adequacy ratio remains at 11.06 per cent as against the regulatory requirement of 9 per cent. The EPS has gone up from Rs 8.55 to Rs 17.26.

The book value per share has increased from Rs 93 to Rs 107. SIB has declared 2007-08 as the year of youth and launched a novel deposit scheme called Youth Plus, which focusses on the younger generation.

The bank is aiming at garnering 1 lakh additional accounts through the new scheme by the end of the current financial year. It opened 9 branches during the April-June period and plans to open 16 more to reach 500 by the end of 2007-08.