South Indian Bank achieves Rs 70.30 cr. profit

South Indian Bank has achieved an operating profit of Rs. 70.30 crores in the first six months ended September 30, 2001 against Rs. 45.10 crores, a growth of 56 per cent. The net profit, after making full provisions for NPAs, standard assets and staff entitlements amounted to Rs. 24.21 crores (Rs. 20.29 crores), an increase of 19 per cent. The net profit has been arrived at after making a pro-rata provision for NPAs under the new 90 days loan impairment norms stipulated by the Reserve Bank India.

Total income improved by 14.5 per cent to Rs. 336.81 crores from Rs. 294.16 crores. Non-interest income has risen to Rs. 47.73 crores from Rs. 33.42 crores.

Deposits have increased to Rs. 5,260 crores from Rs. 4,294 crores and advances to Rs. 2,778 crores from Rs. 2,211 crores. Investments were higher at Rs. 2,228 crores against Rs. 1,880 crores.

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Section  : Business
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