Kochi, July 15: Kerala-based South Indian Bank Limited, (SIB) has registered a quarterly net profit of Rs 60.11 crore as against Rs 38.62 crore for the corresponding previous quarter, registering a growth of 55.64 per cent, a top official of the bank said today.
The total business of the bank increased by Rs 5272 crore from Rs 26,020 crore to Rs 31,292 crore on year-to-year basis registering a growth of 20.26 percent, Dr V A Joseph, Managing Director and Chief Executive Officer, told reporters here.
While the deposits went up by Rs 3272 crore from Rs 15,378 crore to Rs 18,650 crore, advances increased by Rs 2000 crore from Rs 10642 crore to Rs 12642 crore.
Low Cost deposits of the bank increased by Rs 674 crore from Rs 3891 crore to Rs 4565 crore,he said.
The bank had earned a total income of Rs 521.24 crore during the quarter as against Rs 405.89 crore for the previous year registering a growth of 28.42 percent, he said.
The bank had recommended a dividend of 30 percent for the financial year 2008-09, he said.
The bank was targetting a total business of Rs 36,000 crore for the current fiscal, he said.
The Bank had entered into a tie-up with Life Insurance Corporation Limited for marketing the insurance products introduced by LIC, he added.
—Agencies