South Indian Bank has earned a net profit of Rs 293 crore in 2010-11 as against Rs 234 crore in the previous year, registering a growth of 25.15 per cent. The bank has recommended a dividend of 50 per cent as against 40 per cent for the previous year, and plans to raise Rs 1,000 crore during the current fiscal.
Its total business touched Rs 50,520 crore, up 29.12 per cent from Rs 39,127 crore while deposits grew from Rs 23,012 crore to Rs 29,721 crore registering a growth of 29.15 per cent, and advances increased to Rs 20,799 crore (Rs 16,115 crore), a growth of 29.07 per cent.
The bank earned a total income of Rs 2,642.71 crore during the year as against Rs 2,144.18 crore for the previous year registering a growth of 23.25 per cent. The net interest margin for the current year is 3.06 per cent as against 2.77 per cent last year.
The capital adequacy ratio is at 13.17 per cent (under Basel I) and 14.01 per cent (under Basel II) as against the regulatory requirement of 9 per cent.
Due to extensive monitoring and recovery measures, Net NPA has improved to 0.29 per cent as on March 31, 2011 from 0.39 per cent as on March 31, 2010. Gross NPA of the bank stands at 1.11 per cent as on March 31, 2011 against 1.32 per cent a year ago.
The bank has 641 branches and had opened 61 new branches and 124 ATMs during the year. Its branch network covers 26 states including Assam and Meghalaya giving it a pan India profile. It plans to open 60 more branches during 2011-12.
The bank is planning to float an NBFC as a subsidiary company, and is in the process of commencing bullion trading during the first quarter of the current fiscal, it said in a press release.
