Financial Daily from THE HINDU group of publications
Thursday, May 13, 2004
Financial Daily from THE HINDU group of publications Thursday, May 13, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks South Indian Bank net rises to Rs 84 crore — NPA provisions at Rs 106 cr Our Bureau
Kochi , May 12 THE net profit of the Thrissur-based South Indian Bank has grown by 16.6 per cent to touch Rs 84.33 crore (Rs 72.33 crore). Announcing the results for 2003-04, the Chairman and CEO of the bank, Mr A. Sethumadhavan, said that the gross profit had grown to Rs 241.98 crore (Rs 216.47 crore). In a major endeavour to clean up the balance sheet and improve the overall fundamentals, the bank has made a sizeable provision of Rs 105.58 crore against NPAs. Effective recoveries to the extent of about Rs 83 crore and accelerated provisioning had enabled the bank to bring down the net NPAs from 5.98 per cent to 4.55 per cent, Mr Sethumadhavan said. The gross NPAs dropped from 9.27 per cent to 7.59 per cent. The capital adequacy level stood at 11.32 per cent. This was backed by the capital and reserves, growing from Rs 320.98 crore to Rs 394.89 crore. On the business front, the total volumes grew by 19.1 per cent to Rs 12,477 crore (Rs 10,474 crore). Deposits were up at Rs 8,280 crore (Rs 6,861 crore), while the advances grew to Rs 4,197 crore (Rs 3,613 crore). Savings bank deposits grew significantly by 35.4 per cent. NRI deposits grew by 11 per cent to touch Rs 2,842 crore, accounting for 34 per cent of the total deposits held with the bank. Total income was up at Rs 915.43 crore (Rs 837.73 crore), while the total expenses were at Rs 673.45 crore (Rs 621.26 crore). The board of directors have recommended a dividend payout of 25 per cent, inclusive of the 15 per cent already disbursed, subject to the concurrence of the RBI.
More Stories on : Financial Performance | Private Banks | Non-Performing Assets
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