Business Daily from THE HINDU group of publications
Thursday, Jan 10, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 10, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Financial Performance Corporate Results - Private Banks South Indian Q3 net up 64% 
Our Bureau Thiruvananthapuram, Jan 9 South Indian Bank (SIB) has recorded a 64 per cent increase in net profit during the third quarter of the current year as compared to the corresponding period of the previous year. The net profit was Rs. 40.72 crore for the 3 month period ended December 31, 2007, as against Rs. 24.84 crore last year. Dr V.A. Joseph, Chairman of the bank, told newspersons here on Wednesday that the total business of the bank increased from Rs 18,626 crore to Rs 24,504 crore on year-to-year basis, marking a rise of 31.56 per cent. This was a remarkable achievement considering that the total business target for the whole year was Rs. 25,000 crore, the Chairman said. The gross NPA came down from 4.29 per cent to 2.53 per cent, while the net NPA declined from 1.49 per cent to 0.49 per cent. 
The capital adequacy ratio of the bank stood at 14.92 per cent. The bank had recently issued equity shares to qualified institutional buyers for an aggregate of Rs. 326 crore and despite this, the book value per share increased from Rs. 102.45 crore to Rs. 127.85 crore. The present holding by FIIs in the bank is at 47.46 per cent as against the permissible limit of 49 per cent. Dr. Joseph said that there had been a reduction in NRI deposits due to low rates of interest. However, the remittances had not come down and it appeared that many NRIs preferred domestic deposits made through relatives and others. South Indian Bank biz exceeds target South Indian Bank net worth crosses Rs 1,000 cr South Indian Bank Q1 net rises 102% More Stories on : Financial Performance | Private Banks
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