Financial Daily from THE HINDU group of publications
Wednesday, Apr 26, 2006
Financial Daily from THE HINDU group of publications Wednesday, Apr 26, 2006 |
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Money & Banking
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Non-Performing Assets South Indian Bank recovers Rs 161-cr NPAs M. Ramesh
Chennai , April 25 South Indian Bank made a "record recovery" of Rs 161 crore in 2005-06. The bank's Chairman and Managing Director, Dr V.A. Joseph, told Business Line, in the previous year, the bank recovered Rs 125 crore. Asked about the fresh build-up of NPAs during last year, Dr Joseph said that the figures were being worked out as part of accounts finalisation, but the recovery was substantially higher than slippage.
Watershed year
On the bank's performance last year, Dr Joseph said that 2005-06 was a watershed year for the bank. While not wanting to give any figures relating to profitability, pending formal announcement of results, Dr Joseph pointed out that the bank's net profit in the first three quarters was Rs 34 crore, compared with Rs 8.7 crore in the previous year. He said the bank had met all its targets for the year. Deposits grew to Rs 9,600 crore from Rs 8,400 crore in the previous year. Advances increased to Rs 6,750 crore from Rs 5,450 crore. Both deposits and advances were higher than their targets. Total business at Rs 16,350 crore was higher than the target of Rs 16,000 crore. Net NPA level is expected to come down to under 2 per cent, from 3.81 per cent in 2004-05.
More branches
Dr Joseph said the bank had set itself a target of Rs 20,000 crore for the current year. It intends to open at least 25 more branches, four of which will be in Jammu &K, Uttaranchal, Jharkhand and Assam — States where the bank has no presence. The bank had recently announced to the stock exchanges that it would hold a board meeting on May 2 for approval of annual accounts and considering a dividend.
More Stories on : Non-Performing Assets | Private Banks
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