Business Daily from THE HINDU group of publications
Tuesday, Jan 13, 2009
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Business Daily from THE HINDU group of publications Tuesday, Jan 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Financial Performance Corporate Results - Private Banks South Indian Bank Q3 net rises 33% 
Our Bureau Coimbatore, Jan. 12 South Indian Bank’s net profit for the quarter ended December 2008 increased by 33 per cent to Rs 54.20 crore against Rs 40.72 crore for the corresponding quarter of the previous fiscal. The bank is targeting a net profit of Rs 190 crore this fiscal. It has achieved Rs 144.50 crore in the first three quarters. Though credit growth has been less compared with the earlier years, it has grown by 13 per cent year-on-year, its Managing Director and CEO, Dr V.A. Joseph, said. Out of the aggregate business of Rs 27,779 crore as at December 2008, advances accounted for Rs 11,340 crore (against Rs 10,020 crore as at end December 2007). “We have neither reduced lending nor been very aggressive. We have taken a decision to maintain the quality of assets and grow CASA,” he said, when asked how the bank managed to achieve 13 per cent growth in credit, despite the overall sentiments remaining poor. Its CASA account grew from 15.62 lakh to 19.88 lakh. According to Mr M. Valsan, Executive Director, the CRR cuts by the Reserve Bank have helped banks perform well so far. “But the industry is going through a tough phase. So it may not be easy in the coming days.” The bank’s gross NPA declined to 1.85 per cent as of December 2008 compared with 2.53 per cent a year ago. Its net NPA dipped further from 0.49 per cent to 0.39 per cent. The bank’s earnings per share on annualised basis improved to Rs 17.05 (Rs 15.75), after issue of bonus share (1:4) the last quarter. On expansion of branch network, Dr Joseph said SIB would have 560 branches within the next 12 months, adding 40 to its existing 515. More Stories on : Financial Performance | Private Banks
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