South Indian Bank (SIB) today posted a net profit of Rs 401.66 crore in 2011-12,a growth of 37.29 per cent over the previous year. During the previous fiscal,the bank's net profit was Rs 292.56 crore. The bank also declared a dividend of 60 per cent for the fiscal against 50 per cent in the previous financial year. Addressing shareholders,Bank Chairman Amitabha Guha said SIB is targeting a total business turnover of over Rs 78,000 crore in the current fiscal. There is an increase in mobilisation of deposits at Rs 36,50l crore from Rs 29,721 crore,up 22.81 per cent,Guha added. Gross advances,including food credit,grew to Rs 27,473 crore from Rs 20,569 crore last year,an increase of about 33 per cent. The Capital Adequacy Ratio stood at 14 per cent under Bael II norms against the RBI's stipulation of nine per cent for the period under review,he said. The ratio of gross Non-Performing Assets (NPA) to gross advances declined to 0.97 per cent from 1.ll per cent,he said,adding that the ratio of net NPA to net advances also came down to 0.28 per cent from 0.29 per cent in the period under review. The bank opened 58 new branches and 174 ATMs in different parts of the country with a total network of 700 branches and two extension counters and 663 ATMs,Guha said.
