Date:01/02/2005 URL: http://www.thehindubusinessline.com/2005/02/01/stories/2005020101710600.htm

Back South Indian Bank Q3 net dips 16 pc

Our Bureau

Kochi Jan. 31

THE net profit of the Thrissur-based South Indian Bank declined 16 per cent to Rs 23.19 crore (Rs 27.67 crore) during the third quarter of the current fiscal.

"It is significant that the bank could contain the impact of the steep fall in treasury income from Rs 135.43 crore to Rs 21.57 crore and still show a reasonable operating profit by reactivating the robust core banking operations," Mr A. Sethumadhavan, Chairman and CEO of the bank, said in a statement here.

The bank recorded an operating profit of Rs 68.44 crore (Rs 73.93 crore) during the same period.

There has been a pick-up in advances by 36.9 per cent with retail lending portfolio contributing a fair share.

Net interest income grew 31.09 per cent from Rs 148.58 crore to Rs 194.77 crore, even as the growth in operating profit could be restricted to 16 per cent from Rs 120.20 crore to Rs 139.39 crore.

The total business of the bank grew 13.3 per cent, from Rs 11,136 crore to Rs 12,614 crore.