)
Thrissur based South Indian Bank (SIB) reported a net profit of Rs. 141.31 crore for the third quarter of the F.Y 2013-14, registering a growth of 10.18% over the same period in the previous financial year.
Total business of the bank has increased by Rs 9,880 crore from Rs 68,489 crore to Rs. 78,369 crore on YOY basis registering a growth of 14.43%.
While deposits has gone up by Rs. 5,705 crore from Rs. 38,940 crore to Rs. 44,645 crore registering a growth of 14.65%, advances has increased by Rs. 4,174 crore from Rs. 29,550 crore to Rs. 33,724 crore registering an increase of 14.13%.
The bank earned a total income of Rs. 3,984.36 crore during the nine months as against Rs. 3,482.85 crore for the corresponding period of previous year, registering a growth of 14.40%.
Operating profit has increased during the nine months period (April – December) 5.46%, from Rs. 642.50 crore to Rs. 677.59 crore.
Dr. V.A. Joseph, MD & CEO said that the growth in profit during the quarter was due to maintaining Net Interest Margin (NIM) over 3% by strategically managing the portfolio mix of liabilities.
Due to extensive measures taken on NPA recovery the gross NPA and net NPA have come down during the quarter from 1.92% and 1.39% as on 30.09.2013 to 1.66% and 1.18% as on 31.12.2013. He added that Bank is hopeful of improving the asset quality and reduce the level of Gross and net NPA below 1.50% and 1% by the end of this fiscal.
Annualized Basic Earnings per Share increased to Rs. 3.82 during the nine months of the current fiscal as against Rs. 3.80 for the corresponding period of previous year.
The Capital adequacy ratio of the bank stood at 12.35% (under BASEL II standards) as on 31.12.2013.
He told that the bank has opened 49 branches and 121 ATMs till December 31, 2013 and propose to open one more branch and 79 ATMs in the last quarter so that the total number of branches and ATMs will be 800 and 1000 respectively by the end of the current fiscal.
SIB has introduced SIB M-Passbook, a facility to access their passbook on smart phones, with inbuilt high security features and tailor-made to suit the urban lifestyle. V. A Joseph today handed over the replica to. K G Girish Babu, MD, Kerala State Information Technology Infrastructure Limited and CEO, Technopark and officially launched the product.
