Thrissur-based South Indian Bank (SIB) is eyeing a total business of over Rs 29,000 crore by the end of this fiscal year. The bank achieved Rs 25,910 crore business last fiscal year.
According to VA Joseph, managing director and CEO, the bank would earn a net profit of Rs 195 crore in 2008-09 as against Rs 151.62 crore in 2007-08. Till December 31, 2008, SIB earned a net profit of Rs 144 crore. The bank has set a target of Rs 30,500 crore business this financial year.
The net nonperforming asset, which is currently 0.39 per cent, will reduce further by March 31. Total deposits is set to cross Rs 18,000 crore from the present Rs 17,300 crore. The bank has enhanced its total NRI deposits portfolio to Rs 3,200 crore.
He said total advances would cross Rs 12,000 crore as this has already touched Rs 11,200 crore. The average age of the employees has been reduced to 41 years and will go down further to 35 within the next three years, he added.
