South Indian Bank (SIB) recorded a net profit of Rs 54.20 crore, a growth of 33.10 per cent y-o-y, in the third quarter ended December 2008 as against Rs 40.72 crore in the corresponding quarter last year.
The net profit for the nine-month period ended December 2008 is Rs 144.50 crore, a 35.32 per cent growth, compared to Rs 106.78 crore a year ago.
V A Joseph, managing director and chief executive officer of the bank, said this was the first time in the 79-year history of the bank that it achieved Rs 144.50 crore net profit in just three quarters of a financial year.
The profit target for the current financial year is Rs 190 crore. The aggregate business rose to Rs 27,778.69 crore as on December 31, 2008. Earnings per share (EPS) on annualised basis improved from Rs 15.75.
The net interest margin improve from 2.61 per cent in December 2007 to 3 per cent.
