Kerala-based South Indian Bank (SIB) declared on Wednesday a 94% growth in net profit for the first half of FY 2007-08. The net profit for H1 stood at Rs 66.06 crore as against Rs 33.88 crore for the corresponding period in the last financial year. Net profit for Q2 stands at Rs 35.69 crore as against Rs 18.81 crore in the same period last fiscal, a growth of 90%.
SIB chairman VA Joseph said that the total business of the bank increased by Rs 5,263 crore in the period to touch Rs 23,079 crore, a rise of 29.54% on year-to-year basis. While deposits increased by Rs 3,073 crore from Rs 10,859 crore to Rs 13,932 crore, advances were up Rs 2,189 crore from Rs 6,958 crore to Rs 9,147 crore, he said. The bank earned a total income of Rs 668 crore for H1 against Rs 500 crore for the corresponding period last FY.
After the recent QIP allotment, the FII holding in the bank is 47.46% against the permissible level of 49%. SIB raised Rs 326 crore at Rs 163 per share including premium and the paid-up capital of the bank has gone up from Rs 70.40 crore to Rs 90.40 crore and net worth also went up to Rs 1,049 crore.
SIB will open 15 more branches in the current financial year to take the total number of branches to 500, Joseph said.