Thrissur-based South Indian Bank (SIB) clocked a net profit of Rs 123 crore for the first quarter, as against Rs 82.5 crore for the same period last year, registering a growth of 49.2 per cent.
As on June 30, total business of the bank increased Rs 10,729 crore (from Rs 53,733 crore to Rs 64,502 crore), registering a growth of 20 per cent . While the total deposit has gone up Rs 5,531 crore (from Rs 31,622 crore to Rs 37,153 crore), registering a growth of 17.5 per cent, the advances have increased by Rs 5,198 crore (from Rs 22,151 crore to Rs 27,349 crore), registering a growth of 23.5 per cent.
The bank was able to maintain the stressed asset at low levels, with gross NPA at 1.08 per cent and net NPA at 0.35 per cent. V A Joseph, MD & CEO, said the robust growth in business, coupled with few NPAs, had enabled the bank attain its present level of performance.
The bank earned a total income of Rs 1,144 crore during the quarter, as against Rs 820 crore for the same period last year, registering a growth of 39.50 per cent.
The net interest income increased Rs 91.8 crore (from Rs 205 crore to Rs 297 crore), registering a growth of 44.80 per cent.
The net interest margin increased from 2.77 per cent, as on June 30, 2011, to 3.15 per cent as on June 30, 2012.
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Annualised earnings per share increased from Rs 2.93 to Rs 4.35. The capital adequacy ratio stood at 13.16 per cent (under BASEL II standards), against the regulatory requirement of nine per cent.
The bank is planning to increase the number of branches to 750, and ATMS to 800, by year-end, from the present level of 706 branches and 700 ATMs.