South Indian Bank made Rs 15.05 cr net profit in 2006-07

By Staff
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Google Oneindia News

Pathanamthitta, July 24 (UNI) South Indian Bank Chairman V A Joseph today said the Bank's net profit during the first quarter of 2006-2007 financial year, touched Rs 15.05 crore registering an increase of 183 per cent from last year.

Addressing a press conference here, the Chairman disclosed that the total business of the Bank reached Rs 16,545 crore with an increase of 24.88 per cent.

The total deposit increased from Rs 7,997 crore to Rs 10,240 crore and the total revenue rose from Rs 198.41 crore to 227.03 crore, he said adding that the bank disbursed loans to the tune of Rs 6,305 crore.

Dr Joseph said efforts would be intesified this year, to reactivate the non-performing assets and stress would be given to low-cost deposits.

As part of diversified expansion, the bank had signed a memorandum of understanding (MoU) with four major Mutual Fund companies in the country, he said.

It was also decided to take over the management of Hadi Express Exchange Company in Dubai and a new branch of the Bank would be opened in Sharjah soon.

He said a novel scheme, 'Pravasi Swagath', aimed at strengthening the bond with NRI depositers was already launched. The scheme could prove NRI returnees with greater life security and more interactive 'NRI meets' would be organised.

Besides adding 24 new branches to the existing 51 branches through out the country, four more states would have its branches this year making it operational in 23 States, he said.

By the end of 2008, it was envisaged to set up 500 branches with a total deposit of Rs 25,000 crore.

Earlier, the 12th Regional Office of the bank was inaugurated here by Rubber Board Chairman Sajan Peter and the bank had seven regional offices in the state and five outside the state.

UNI XR CGV JJ 2055

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