South Indian Bank has witnessed a 45 per cent rise in net profit and 27 per cent rise in total income during the second quarter of 2008-09 fiscal. Its margins have improved due to the growth in advances, fall in Non Performing Assets and increasing corpus of low cost deposits. Net NPA was lower at 0.40 per cent as against 0.71 per cent for the corresponding quarter of last year. Gross NPA have also fallen sharply to 1.86 per cent from 3.41 per cent.
Low cost deposits of the bank have gone up by Rs 804 crore from Rs 3,181 crore to Rs 3, 985 crore, registering a growth of 25.29 per cent. Our focus during the current financial year is to increase the CASA funds by adding 5 lakh new customers. The total business grew by 16 per cent to Rs 26,836 crore (Rs 23,078 crore). Deposits registered a slower growth of 13 per cent to Rs 15,715 crore while advances grew by 22 per cent to Rs 11,121 crore. The book value has risen from Rs 123.34 to Rs 138.42.
Low cost deposits of the bank have gone up by Rs 804 crore from Rs 3,181 crore to Rs 3, 985 crore, registering a growth of 25.29 per cent. Our focus during the current financial year is to increase the CASA funds by adding 5 lakh new customers. The total business grew by 16 per cent to Rs 26,836 crore (Rs 23,078 crore). Deposits registered a slower growth of 13 per cent to Rs 15,715 crore while advances grew by 22 per cent to Rs 11,121 crore. The book value has risen from Rs 123.34 to Rs 138.42.
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