South Indian Bank has registered a 41.15 per cent jump in net profits in the first quarter of the current fiscal, touching Rs 82.49 crore as against Rs 58.44 crore in the corresponding quarter of the previous year.
Growth in business
The total business has increased by Rs 13,556 crore from Rs 40,217crore to Rs 53,773 crore on year-on-year basis, registering a growth of 33.71 per cent. While deposits have gone up by Rs 8,291crore, from Rs 23,331 crore to Rs 31,662 crore, registering a growth of 35.54 per cent, advances have increased by Rs 5,265 crore, from Rs 16,886 crore to Rs 22,151 crore — a growth of 31.18 per cent.
The CASA of the bank has risen by Rs 937 crore, from Rs 5,852 crore to Rs 6,789 crore — a growth of 16.02 per cent.
Mr Amitabha Guha, Chairman, and Dr V. A. Joseph, Managing Director and CEO, said at a press conference that the bank earned a total income of Rs 820.34 crore during the quarter against Rs 581.78 crore in the previous corresponding period, a growth of 41.01 per cent. The bank has maintained its net interest margin at 2.8 per cent, similar to that in the first quarter of June 2010.
The annualised EPS (earnings per share) has increased to Rs 2.93 from Rs 2.59 as on March 31. The book value per share increased from Rs 13.66 to Rs 17.04 on a year-on-year basis. The capital-adequacy ratio stood at 13.51 per cent against the regulatory requirement of 9 per cent.
NPA down
Due to extensive monitoring and recovery measures, the bank could bring down the gross NPA percentage to 1.07 per cent as on June 30 as against 1.33 per cent as on June 30, 2010.
Also, the net NPA percentage declined to 0.29 from 0.39. The provision-coverage ratio increased to 73.94 per cent from 73.15 per cent.
The bank is planning to open 57 more branches during the current fiscal to take the total number of branches to 700. Dr Joseph said that the bank will mobilise Rs 1,000 crore through qualified institutional placement by September this year.