Finance

South Indian Bank’s profit

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The Thrissur-based South Indian Bank (SIB) has recorded a net profit of Rs.93.38 crore for the second quarter of the current financial year, a rise of 17 per cent over the same quarter last year. Managing director and CEO V.G. Mathew, who announced the results here on Saturday, said that the bank had made a net profit of Rs.65.29 crore during the first quarter.

The bank’s total business grew by 12.9 per cent to Rs.93,252 crore; total deposits grew by 13.58 per cent to touch Rs.53,036 crore and advances grew by 12.11 per cent to Rs.40,215 crore. Mr. Mathew said that the last quarter also saw substantial increase in NRI deposits, which grew by 25.86 per cent to Rs.12,904 crore.

The bank’s focus had been on the retail sector. Agriculture and MSME advances increased by 26 per cent; home and auto loans grew by 38 and 53 per cent respectively. “The bank has maintained asset quality in a challenging economic environment,” he said. — Special Correspondent.

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