Money & Banking

VG Mathew of South Indian Bank to demit office on September 30

Our Bureau Kochi | Updated on September 29, 2020

He had led the bank for 6 years

VG Mathew, MD and CEO of Kerala based South Indian Bank, is demitting office on September 30 following his retirement after leading the bank for six years. He will be succeeded by Murali Ramakrishnan, who was part of the Strategic Project Group as Senior General Manager at ICICI Bank.

Under Mathew’s watch, the total business of the bank expanded from ₹83,000 crore to ₹1,48,000 crore and the total credit portfolio increased from ₹36,000 crore to ₹65,000 crore, said a South India Bank release. It added that the Bank made significant strides in NRI deposits and CASA with NRI deposits constituting 30 per cent of the total deposits and the CASA ratio improving to 27 per cent. A representative office has been set up in Dubai to bring in greater focus on the NRI business, it further said.

Also read: Murali Ramakrishnan to head South Indian Bank

The corporate portfolio has been reduced to 28 per cent of the total advances with the retail, agri and MSME portfolios contributing 72 per cent of the loan book, said the bank.

The bank has sound asset quality with net NPA of 3.09 per cent and a provision coverage ratio of 58.80 per cent. The CRAR of the bank stands at 13.49 per cent as of June 2020.

During this period, the bank also witnessed complete centralisation of processing, both on the liability and asset sides, with a strong focus on technology. On the technology front, the bank has been winning multiple awards for innovation and rollout of various technology-based products/services, said the release.

The bank recently secured RBI approval for setting up a non-financial subsidiary which is expected to significantly improve operational efficiency and optimise costs, it added.

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Published on September 29, 2020
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