South Indian Bank's Q3 net up by 64 p c

Thiruvananthapuram, Jan 9 (UNI) The South Indian Bank, which proposes to open 13 more branches to take the total to 500, has achieved an impressive growth of 63.93 per cent in net profit for the third quarter of 2007-08.

Bank Chairman V A Joseph told newspersons here today that the net profit for the period was Rs 40.72 crore as against Rs 24.84 crore for the corresponding period in the previous year.

He said the cumulative profit for the first nine months of the financial year was Rs 106.78 crore, as against Rs 58.72 crore for that of the previous year.

Mr Joseph said the total business of the Bank had increased by Rs 5,878 crore from Rs 18,626 crore to Rs 24,504 crore on year-to-year basis, registering a growth of 31.56 per cent.

While the deposits had gone up by Rs 3,960 crore from Rs 10,925 crore to Rs 14,484 crore registering a growth of 32.96 per cent, the advance has increased by Rs 2,318 crore from Rs 7,702 crore to Rs 10,020 crore, registering a growth of 30.10 per cent.

The gross Non-Performing Assets had come down from 4.29 per cent to 2.53 per cent and net NPA has been drastically brought down from 1.49 per cent to 0.49 per cent, he added.

UNI CR JJ 1540