Kerala-based South Indian Bank (SIB) has scaled up business target by Rs 1,500 crore and is looking at a total volume of Rs 37,500 crore by this fiscal-end.
The decision to set a higher business target from what was envisaged earlier was taken by a two-day business conference of the top management team and regional heads, an SIB release said today.
"Having achieved a credit growth of 17 per cent in the first eight months of this fiscal, better than the industry average and higher that our last year’s performance, we have decided to revise our growth plan from 20 per cent to 25 per cent in aggregate business," SIB Chief Executive Officer and Managing Director V A Joseph said.
The bank decided to revise its business targets upwards as it had a successful track record in surpassing its business targets, he said.
"With a consistent growth trajectory of our team members in net profit and business growth for the past five years, we are confident of achieving this increased business volume."
This month the bank would be adding another five branches to its CBS branch network of 570. The bank also planned to open another sixty branches in the next fiscal, he said.
SIB had already achieved a half yearly net profit of Rs 132.68 crore against the annual net profit target of Rs 230 crore.
