South Indian Bank Q4 net climbs 26%

The Kerala-based South Indian Bank has posted a 25 per cent growth in net profit at Rs 502.27 crore for FY’13 against Rs 401.65 crore in the previous fiscal.

Net profit for the fourth quarter increased to Rs 153.83 crore from Rs 121.95 crore, a growth of 26.13 per cent.

Dividend

The board has recommended a dividend of Re 0.70 per share against Rs 0.60 per share in the previous year.

Total business increased from Rs 64,136 crore to Rs 76,425 crore registering a growth of 19.16 per cent.

While deposits have gone up from Rs 36,501 crore to Rs 44,262 crore, a growth of 21.26 per cent, advances increased from Rs 27,635 crore to Rs 32,163 crore, a growth of 16.39 per cent.

CASA of the bank has increased from Rs 7,179 crore to Rs 8,233 crore which constitute 19.67 per cent of the total deposit.

Total income stood at Rs 4,769.22 crore during the year against Rs 3,830.50 crore in the previous year, registering a growth of 24.51 per cent.

Net interest margin

V.A. Joseph, Managing Director and CEO, said that despite subdued growth of the economy, the bank could achieve this performance due to improvement in net interest margin.

It has set a business target of Rs 92,000 crore by the end of next fiscal and proposes to open 50 branches and 200 ATMs.

The capital adequacy ratio stood at 13.91 per cent under BASEL II standards against the regulatory requirement of 9 per cent.

Source: thehindubusinessline