Business Daily from THE HINDU group of publications
Wednesday, Oct 18, 2006
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Business Daily from THE HINDU group of publications Wednesday, Oct 18, 2006 ePaper |
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Corporate Results
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Private Banks Money & Banking - Financial Performance South Indian Bank Q2 net rises 383 pc Our Bureau
Kochi , Oct. 17 , The net profit of South Indian Bank has grown by 383 per cent to Rs 41.65 crore (Rs 8.63 crore) during the second quarter of the current year. The gross profit has risen to Rs 71.04 crore (Rs 25.58 crore). The total business volumes grew by 28 per cent to Rs 18,224 crore (Rs 14,217 crore). "Unlike last time, the bank did not take a hit on treasury income this time round. The main drivers for the growth in profit were a surge in interest income, increased NPA recovery and one-time revenue from the sale of the bank's holding in Bharat Overseas Bank," Dr V.A. Joseph, Chairman and CEO told Business Line. The gross NPA has come down from 6.35 to five per cent, while net NPA is down from 3.09 to 1.69 per cent. "We should be in a position to contain the net NPA to less than one per cent levels and attain business volumes of over Rs 20,000 crore by the end of the year," Dr Joseph said. The total income of the bank grew by 39 per cent to Rs 273 crore (Rs 196 crore). The capital adequacy ratio has gone up from 10.28 per cent to 11.50 per cent, while the earnings per share is up from Rs 5.85 to Rs 16.11 on an annualised basis. The bank earned Rs 22.84 crore from the sale of equity in Bharat Overseas Bank. The bank has taken over the management of Hadi Express Exchange in UAE and has obtained permission to commence speed remittance arrangements for the benefit of NRIs. It plans to launch co-branded Citybank credit cards shortly as well as to change its logo and brand image. The bank's shares rose by 2.47 per cent at the BSE on Tuesday to close at Rs 76.75 (Rs 74.90). Over 57 lakh shares of the bank were traded at the NSE and BSE on Tuesday.
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