Business Daily from THE HINDU group of publications
Tuesday, Jul 11, 2006
Business Daily from THE HINDU group of publications Tuesday, Jul 11, 2006 |
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Money & Banking
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Dividend Announcement South Indian Bank declares 18% dividend Our Bureau
Kochi , July 10 With the net profit growing by 485 per cent to touch Rs 50.90 crore, the South Indian Bank has declared a dividend of 18 per cent for 2005-06. Addressing the 78th AGM at Thrissur on Monday, the Chairman and CEO, Dr V.A. Joseph, said that the bank will be completing the SIBERTECH project by extending core banking solution to all its branches by the end of this fiscal. This would make the bank highly customer-friendly by blending tradition with technology. Dr Joseph said that the improvement in profitability was mainly driven by the thrust given to NPA recovery and also the reduction in the cost of deposits. The decrease in the percentage of net NPAs to 1.86 per cent (3.81 per cent) was attributed to quality circles involving staff members, one-time settlement and recovery camps. The bank has already finalised arrangements for managing the exchange company in Dubai, Hadi Express Exchange.
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