Riding high on one-time profit from the sale of equity investments, Kerala-based South Indian Bank (SIB) has reported a nearly five-fold jump in its net profit in the second quarter ended September 2006 |
Besides, 26.17 per cent rise in interest income during the July-September period also helped the private sector bank report high growth in net profit. |
The bank's net profit increased to Rs 41.65 crore in the second quarter of 2006-07 from Rs 8.63 crore a year earlier. The other income for the quarter includes Rs 22.84 crore profit on sale of equity shares, while the bank's interest income increased to Rs 231.56 crore from Rs 183.53 crore a year earlier. |
SIB's deposits increased by Rs 2,728 crore to Rs 10,858 crore while advances increased by Rs 1,279 crore to Rs 7,366 crore. The bank's total income was up 39.28 per cent to Rs 273 crore from Rs 196 crore a year earlier. |
Its gross NPAs were down to 5 per cent from 6.35 per cent a year earlier and and net NPAs to 1.69 per cent from 3.09 per cent. The capital adequacy ratio of the bank has gone up to 11.50 per cent as on September 30, 2006, from 10.28 per cent. |
The bank has already received permission to open 21 more branches to take the total number of branches to 475 by the end of the year. |
The bank, which has appointed actor Mammootty as its global brand ambassador to target prospective customers in the Gulf region, is also in the process of a brand makeover. |
Centurion Bank of Punjab (CBoP) today reported 49 per cent increase in net profit of Rs 31.1 crore in the second quarter ended September 30, 2006 from Rs 20.9 crore a year earlier as retail loans expanded by 64 per cent. |
The bank's net interest income increased by 44 per cent to Rs 135 crore from Rs 94.1 crore a year earlier. Net interest margin for the quarter improved to 4.7 per cent from 4.4 per cent a year earlier and is among the highest in the industry. |
CBoP said its other income increased by 70 per cent to Rs 88.1 crore in the second quarter of 2006-07 from Rs 51.7 crore a year earlier. |
Non-interest income now forms 40 per cent of the bank's total operating income compared with 36 per cent in the corresponding quarter last year. |