The Hindu Business Line : South Indian keen to grow in North India

South Indian Bank (SIB) plans to expand presence in North India and aims to more than double the number of branches in this region over the next five years, its Chairman Dr V. A. Joseph, said.

“We want to add another 150 branches in North India by 2013. In this period, we want to increase the total number of branches of the bank to 750 from the current 500 branches”, he told Business Line during his recent visit to the Capital.

Currently, SIBhas 100 branches in North India out of total network of 500 branches. The bank is targeting business of Rs 75,000 crore by 2013 — a business of Rs 100 crore from each of the 750 branches.

Meanwhile, Dr Joseph said that the bank wants to increase the share of its current account savings account (CASA) deposits from existing 23 per cent to 26 per cent in 2008-09 and to 29 per cent in the subsequent year. SIB is also looking to increase its net interest margin to 3 per cent.

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