South Indian Bank net profit registers a 37% rise

KOCHI: The net profit of the Thrissur-based South Indian Bank ( SIB) has registered a 37% rise to touch a record level of Rs 401.66 crore for the fiscal 2011-12. The Board of the Bank has recommended a dividend of 60 %. The dividend stood at 50 % last year.

The bank would go for a fresh capital infusion of Rs 450 crore this year as against the original plan of infusing Rs 1000 crore capital that the bank had announced last year. The capital infusion plan is being reworked in view of the better profit achieved by the Bank, Dr V A Joseph managing director and CEO of SIB said.

The gross NPA fell to 0.97 % as on March 31, 2012 from 1.11% as on March 31, 2011. The net NPA fell to 0.28% falling from 0.29 % as on March 31, 2011. The deposits grew by 23 % to Rs 36, 501 crore while advances grew by 33 % to Rs 27,635 crore. The total business of the bank rose by 27% to Rs 64,136 crore during the year.

The total business target for the year is Rs 78,000 crore while for March 31, 2014 it is Rs 1,00,000 crore. It would increase the number of ATMs to 850 from the existing number of 663. The Bank is planning to recruit 1000 new staff this ye