South Indian Bank posted 24 per cent growth in net profit at Rs 220.18 crore for the half-year ended September 30 against Rs 177.44 crore in the corresponding period of the previous year.
V.A. Joseph, Managing Director and CEO of the bank, stated that despite subdued growth of the economy during the first half, the bank could achieve this performance due to improvement in net interest margin.
The bank will be able to achieve the total business target of Rs 75,000 crore, 750 branches and 750 ATMs by March 31, 2013, as envisaged in the Vision Document 2008, he added.
The total business in the first-half increased from Rs 56,386 crore to Rs 67,110 crore on a year-on-year basis, registering a growth of 19.02 per cent.
While deposits grew 16.50 per cent, from Rs 33,038 crore to Rs 38,490 crore, advances went up 22.58 per cent, from Rs 23,348 crore to Rs 28,620 crore.
CASA grew 9.17 per cent from Rs 7,038 crore to Rs 7,684 crore.
The bank earned a total income of Rs 2,289 crore during the half year against Rs 1,751 crore in the corresponding period of the previous year, a growth of 30.75 per cent.
The net interest income (NII) increased 28.20 per cent, from Rs 464 crore to Rs 595 crore. The Net interest margin (NII) rose to 3.09 per cent (2.97 per cent).
Annualised earnings per share increased from Rs 3.13 to Rs 3.80. And book value per share rose from Rs 17.87 to Rs 21.19.
The capital adequacy ratio stood at 14.43 per cent (under Basel-II standards) against the regulatory requirement of 9 per cent.