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South Indian Bank sees FY10 net interest margin at 3%

South Indian Bank sees FY10 net interest margin at 3%
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First Published: Wed, Jul 15 2009. 12 56 PM IST
Updated: Wed, Jul 15 2009. 12 56 PM IST
Mumbai: Private sector lender South Indian Bank expects to maintain net interest margins at 3% in 2009-10, its top official said on Wednesday.
The bank has also targetted loans and deposits growth of 20% each in the current financial year, V A Joseph, managing director and chief executive officer, told television channel CNBC TV18.
“We have targetted 20% growth in deposits and advances for the year, but we expect it to grow much better,” he said.
Earlier in the day, the bank posted 56% rise in net profit for the April-June quarter to Rs60.11 crore.
The bank’s loans grew about 18% during the period and its capital adequacy ratio was at 13.93%. Other income also rose by 63% to Rs55.98 crore.
At 12.40 p.m., shares in the bank were up 3.4% at Rs97.60 in the Mumbai market.
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First Published: Wed, Jul 15 2009. 12 56 PM IST