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The South Indian Bank has registered a 49.17 per cent growth in net profit in Q-1 at Rs 123.04 crore against Rs 82.49 crore for the corresponding period.
The total business had also gone up by Rs 10,729 crore from Rs 53,733 crore to Rs 64,502 crore during the period, registering a growth of 19.95 per cent.
The total deposit increased by Rs 5,531 crore from Rs 31,622 crore to Rs 37,153 crore, registering a growth of 17.49 per cent. The advances increased by Rs 5,198 crore from Rs 22,151 crore to Rs 27,349 crore, registering a growth of 23.47 per cent.
Current account, savings account (CASA) increased by Rs 1,046 crore from Rs 6,789 crore to Rs 7,835 crore, registering a growth of 15.40 per cent. Bank could maintain the stressed asset at low levels with the gross NPA at 1.08 per cent and net NPA at 0.35 per cent.
Dr V A Joseph, Managing Director and CEO of the bank, stated that the robust growth in business coupled with low NPA enabled the bank to attain the present level of performance.
The bank earned a total income of Rs 1,144.41 crore during the quarter as against Rs 820.34 crore for the corresponding period, registering a growth of 39.50 per cent.
The net interest income has increased by Rs 91.82 crore from Rs 204.97 crore to Rs 296.78 crore registering a growth of 44.80 per cent. The net interest margin also increased from 2.77 per cent to 3.15 per cent as on June 30.
The annualised earnings per share increased from Rs 2.93 as on June 30, 2011 to Rs 4.35 as on June 30 this year. The book value per share increased from Rs 17.04 to Rs 20.18.
The capital adequacy ratio stood at 13.16 per cent (under BASEL II standards) against the regulatory requirement of 9 per cent. The bank is planning to increase the number of branches to 750 and ATMs to 800 by the year end, he said.
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