South Indian Bank Q2 net profit up at Rs.77 crore

Thrissur (Kerala), Oct 21 (IANS) Private sector South Indian Bank (SIB) Thursday declared its highest ever quarterly net profit of Rs.77.00 crore for the second quarter as against Rs.72.56 crore for the corresponding period of the previous year.

The total business of the bank increased by Rs.9,942 crore to Rs.43,089 crore from Rs.33,147 crore on a year-on-year basis, registering a growth of 29.99 per cent.

The Thrissur-based bank earned a total income of Rs.1,206.16 crore in the past six months as against Rs.1,055.62 crore during the same period the previous year, registering a growth of 14.26 per cent.

SIB last week opened 30 new branches and 40 ATMs on a single day across the country, taking the total number of outlets to over 1,000.

It recently launched a next generation banking product for the non-resident Indians, ‘SIB FLASH’, and became the only bank in the country to offer Straight Through Processing (STP) and confirmation of beneficiary credit through SMS to mobiles of remitters and beneficiaries in less than 60 seconds of completion of remittance.

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