South South Indian Bank Q1 net up 41% at Rs 824.9M ($18.3M)

Jul 14, 2011 I Press Trust of India I Mumbai

Thrissur-based South Indian Bank (SIB) has registered its highest-ever quarterly net profit of Rs 824.9M ($18.3M) for the three months ended June, clocking a growth of 41.15% over the year-ago period. The bank had posted a net profit of Rs 584.4M ($12.9M) in the April-June quarter last year.

SIB's business has increased by Rs 135.5B ($3.0B) from Rs 402.1B ($ 8.9B) to Rs 537.3B ($11.9B) on year-to-year basis, a growth of 33.71%, the bank's CEO and Managing Director VA Joseph said while announcing the first quarter results.

While deposits went up by 35.54% to Rs 316.6B ($7.0B) from Rs 233.3B ($5.2B) (y-o-y) during the quarter, advances increased by 31.18% from Rs 168.8B ($3.7B) last year to Rs 221.5B ($4.9B). Low-cost, or CASA (current account saving account), deposits increased from Rs 5.8B ($1.3B) to Rs 67.8B ($1.5B), registering a growth of 16.02%, he said.

The bank earned a total income of Rs 8.2B ($182.2M) during the quarter as against Rs 5.8B (128.9M) last year, a growth of 41.01%. It maintained the net interest margin (NIM) at the same level of 2.8% as in the first quarter of June, 2010-11, he added.

The bank planned to raise Rs 10.0B ($222.2M) through QIP (Qualified Institutional Placement), which will be completed by September this year. Joseph said the bank planned to open 57 more branches in the current fiscal to take the total number of branches to 700.

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