Pat for SIB in reducing NPA

South Indian Bank (SIB) has been adjudged as "the best performer in asset quality category" among private sector banks in the Analyst-2008 survey conducted by the Institute for Chartered Financial Analysts of India for the results it achieved in reducing Non-performing Asstes (NPA).
 
The bank earned the recognition from the body of professional financial analysts on account of results it achieved through a series of measures taken to improve the asset quality and to contain fresh accruals of NPA, an SIB release said. 

The net NPA of SIB were lower at 0.40% as on September 30 this year as against 0.71% in the corresponding period last year.

The gross NPA of the bank stood at 1.86% compared to 3.41% in September 2007. 

"It is important that the bank could earn this recognition when banks are concerned over creeping NPAs into the balance sheets due to sub-prime mortgage crisis, which is a credit crisis", SIB Managing Director and CEO Dr V A Joseph said. 

The bank achieved Rs 60cr in the NPA recovery against the target of Rs 40 cr set for the first half of this fiscal.

The measures taken to achieve the results included inter-face meetings of recovery heads at the regional levels and recovery meets for settlements for evolving rehabilitation and compromises packages and recovery camps at the regional levels.