Kerala-based South Indian Bank has reported its highest-ever quarterly earnings at Rs 128.25 crore for the third quarter ended December 31, 2012, registering a growth of 25.44 per cent.

The private sector bank had posted a net profit of Rs 102.24 crore in the year-ago period.

For the nine months ended December 31, 2012, the bank recorded a net profit of Rs 348.45 crore against Rs 279.70 crore in the corresponding period of the previous year, a growth of 24.58 per cent, Managing Director and CEO V.A. Joseph told reporters here today while announcing its quarterly earnings.

Total business increased from Rs 58,884 crore to Rs 68,490 crore on a year-to-year basis registering a growth of 16.31 per cent during April-December.

While total deposits have gone up from Rs 33,834 crore to Rs 38,940 crore, the advances increased from Rs 25,050 crore to Rs 29,550 crore.

The bank’s net non-performing assets (NPAs) as on December 31, 2012 stood at 0.68 per cent of the total loans disbursed against 0.24 per cent in the year-ago period.

CASA (current account savings account deposits) increased 9.31 per cent to Rs 7,958 crore from Rs 7,280 crore. The lender’s total income registered a growth of 26.46 per cent at Rs 3,483 crore (Rs 2,754 crore).

The total number of branches touched 741 as on December 31, 2012 against 674 in the previous year.

Despite subdued growth of the economy, the bank could achieve this performance due to improvement in net interest margin, Joseph said.

He expressed confidence that the bank would be able to achieve a total business target of Rs 75,000 crore, open 750 branches and 800 ATMs by March this year.

South Indian Bank would open three new regional offices at Ahmedabad in Gujarat, Muvattupuzha and Irinjalakuda in Kerala.

(This article was published on January 15, 2013)
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