South Indian Bank net up by 75.3 per cent

Kochi, Apr 18: The South Indian Bank (SIB) has registered a robust growth of 75.3 per cent by posting a net profit of Rs 151.62 crore for the financial year 2007-08 as against Rs 86.49 crore in the previous year. Announcing the annual results at a press conference here today, SIB Chairman V A Joseph said the bank had recommended a dividend of 30 per cent as against 25 per cent in the previous year.

The total business of the bank had increased by Rs 5,363 crore from Rs 20,549 crore to Rs 25,910 crore on year-to-year basis, clocking a growth of 26.10 per cent. While the deposits had gone up by Rs 2,917 crore from Rs 12,239 crore to Rs 15,156 crore, a growth of 23.83 per cent, the advances had increased by Rs 2,446 crore from Rs 8,308 crore to Rs 10,754 crore posting a 29.45 per cent increase, he said.

Mr Joseph said the bank was aiming at a total business of Rs 30,500 crore in the next fiscal and planning to open 30 more branches across the country to take the total number of branches to 530.

He said the bank's focus next year would be to increase CASA (Current Account Savings Account) funds by increasing the customer base by five lakh and non-interest income by sale of mutual funds and insurance products.

UNI