Thrissur: Private sector lender South Indian Bank (SIB) Ltd on 29 June posted an over 100% jump in net profit at Rs104.12 crore for the fiscal ended March 2007, as compared to Rs50.90 crore last year.
South Indian Bank succeeded in reducing the net NPA to 0.98% as against 1.86% the previous year, its chairman and chief executive officer, V A Joseph, said at the bank’s 79th Annual General Meeting here.
Following various earnest steps taken by the bank, the NPA had been brought down to a negligible level, he added.
The bank’s business had touched Rs20,547 crore ($5 billion) with deposits of Rs12,239 crore and advances of Rs 8,308 crore.
SIB’s networth had gone up to Rs723.96 crore against Rs640.85 crore previous year.
The bank’s total branch network touched 475 with 34 extension counters spread in 23 states. It had applied for permission for opening 30 more new branches in the current fiscal. The bank was operating 175 ATM centres with a card base of 288,000, Joseph added.
The lender’s NRI deposits stood at Rs3,158.46 crore for the year under review, an increase of Rs243.46 crore, constituting 25% of the total deposits.