The Hindu Business Line : South Indian biz volume beats target

Kochi, April 1 The total business volume of South Indian Bank grew by 26.52 per cent to touch Rs 25,996 crore for the year 2007-08, according to initial estimates provided by the bank. The bank had set a business target of Rs 25,000 crore, comprising Rs 14,700 crore in deposits and Rs 10,300 crore in advances.

The bank was also able to reduce its net NPA substantially within one year and exceed its recovery target of Rs 130 crore by Rs 37 crore — the highest recovery recorded since the bank’s inception. The bank was rated as a ‘Top NPA Manager’ in a recent Assocham Eco Pulse study for having reduced its net NPA substantially, a press release issued here said.

Dr V.A. Joseph, Chairman and CEO, said: “Overall, 2007-08 was a very successful year for our bank. Our deposits have grown by 24.43 per cent and advances by 29.60 per cent. This especially augurs well for our bank which has drawn up a five-year plan to drive its total business to Rs 75,000 crore by March 2013. Under the five-year plan we envisage our deposits to grow to Rs 44,000 crore and advances to Rs 31,000 crore.”

During this period, the bank also plans to open 250 more branches, out of which 150 will come up in north India and 100 in the South. The bank is also planning to open 250 more online ATM centres during this period. The bank could widen its core banking branch network to 500 as planned during fiscal 2007-08, Dr Joseph added.

More Stories on : Private Banks | Kerala

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Banks find it hard to get export bills rediscounted

Securities Markets — Regulation lessons for India

FII inflows close to $15 b in Q4

Max NY Life plans micro policies for urban market

ICICI Lombard claims initiative

Economy must decouple from financial markets

Clearing ops: No job cuts

South Indian biz volume beats target

Karnataka Bank’s business target

Cards target young professionals

Rates cut on dollar deposits