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South Indian Bank reports record profit

Kerala-based South Indian Bank on Monday registered the highest ever annual net profit at R401.66 crore for 2011-12, up 37.29% from R292.56 crore in the previous fiscal.

Kerala-based South Indian Bank on Monday registered the highest ever annual net profit at R401.66 crore for 2011-12, up 37.29% from R292.56 crore in the previous fiscal.

The net profit for the quarter ending March 31, was up 49.17% to R121.96 crore, as against R81.76 crore in the last quarter of the previous year. Announcing the results after a board meeting, the bank managing director and CEO VA Joseph said the bank is targeting a total business of R78,000 crore in 2012-13 and R1 lakh crore by 2014.

The bank?s business increased by R13,616 crore to R64,136 crore from R50,520 crore on year-to-year basis.

While the deposits increased 22.81% from R29,721 crore to R36,501, the advances grew by 32.87% from R20,799 crore to R27,635 crore.

CASA of the bank grew from R6,404 crore to R7,179 crore, up 12.11%. Joseph said the robust growth in business, good recovery, and yield on advances enabled the bank to attain the present performance.

The bank, which had earlier planned to raise R1,000 crore, has revised the same to R400 crore, though it is yet to decide on the route to take to raise the amount.

South Indian bank would provide jobs to 1,000 new staff, both in officer and clerical cadres, this year against last year?s 750. The bank plans to increase its branches and ATMs to 750 each by the next fiscal.

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First published on: 08-05-2012 at 03:51 IST
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