SIBL announces 40 pc growth in Q2 net profit | business | Hindustan Times
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SIBL announces 40 pc growth in Q2 net profit

business Updated: Oct 12, 2009 17:28 IST
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Kerala-based South Indian Bank Ltd (SIBL) on Monday announced a 40.43 per cent growth in net profit for the second quarter this fiscal compared to the corresponding quarter the previous year.

"The bank has registered highest ever quarterly net profit of Rs 72.57 crore during the second quarter of this financial year, against Rs 51.68 crore for the same period last year," SIBL MD & CEO Dr V A Joseph told reporters in Ahmedabad.

"This growth of 40.43 per cent is the highest ever in the 80 years of existence of the bank," he added. Joseph said that SIBL's board had also approved Employee Stock Options Scheme (ESOPS) for its employees.

"The board had approved ESOPS for its employees. The modalities would be discussed in one or two months and we plan to allot the stocks by December 31 this year," he said.

He further said, the total business of the bank has increased from Rs 26,836 crore to Rs 33,099-core on year-to-year basis registering a growth of 23.34 per cent.

"The deposits in the bank have gone up by 25.28 per cent, while the advances have increased by 20.59 per cent," Joseph said.

The bank has earned a total income of Rs 1,055.62 crore during the first six months this year compared to Rs 844.99 crore in the previous year for the same period, registering a growth of 24.93 per cent.