SIB expects to cross over Rs 1 lakh cr business this fiscal

http://www.thehindubusinessline.com/industry-and-economy/banking/sib-expects-to-cross-over-rs-1-lakh-cr-business-this-fiscal/article4587995.ece

Private sector lender South Indian Bank Limited would be in a position to cross over Rs 1 lakh crore business in the current fiscal, said a top bank official.

The Bank’s Managing Director and Chief Executive Officer Dr V A Joseph told PTI that total business for fiscal 2013 had crossed over Rs 76,000 crore as against the target of Rs 75,000 crore.

SIB expects to increase its branches up to 800 and 1000 ATMs this fiscal with a total business of Rs 1 lakh crore, he added.

Joseph said SIB had made good strides in performance in the past eight years despite all odds and the global economic downturn.

SIB was forced to skip the dividend for fiscal 2004-2005.

Net profit went up from Rs 50 crore in 2006 to Rs 402.66 crore in 2012 while payment of dividend increased from 18 per cent in 2006 to 60 per cent in 2012.

To a query on hike in dividend for fiscal 2013, he said under no circumstance would it be less than 60 per cent as the performance audit was not yet over.

He said net profits for fiscal 2013 was likely to be over Rs 500 crore, a record profit in the 85-year old history of SIB. The target for the fiscal was to increase the number of branches to 750 and 750 ATMs and a business turnover of Rs 75000 crore.

Joseph said that in the past eight years SIB had purchased property worth several crores of rupees in Delhi, Mumbai, Calcutta, Chennai, Bangalore and Kochi.