South Indian Bank Q3 net up 25.44%

Written by Press Trust of India | Kochi | Updated: Jan 16 2013, 07:33am hrs
Kerala-based South Indian Bank on Tuesday reported its highest-ever quarterly earnings at Rs 128.25 crore for the third quarter ended December 2012, registering a growth of 25.44%.

The private sector bank had posted a net profit of R102.24 crore in the year-ago period. For the nine months ended December 2012, the bank recorded a net profit of R348.45 crore against R279.70 crore for the corresponding period of the previous year, a growth of 24.58%, bank's MD and CEO V A Joseph told reporters, while announcing its quarterly earnings. The bank's business increased from R58,884 crore to R68,490 crore on year-to-year basis, registering a growth of 16.31% during April-December.

While total deposits have gone up from R33,834 crore to R38,940 crore, the advances increased from R25,050 crore to R29,550 crore.

The bank's net non-performing assets (NPAs) as on December 31 stood at 0.68% of the total loan disbursed against 0.24% in the year-ago period. Despite subdued growth of the economy during the period under review, 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 total business target of R75,000 crore, 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.

Casa of the bank increased 9.31% to R7,958 crore from R7,280 crore in the year-ago period.