CorporateSIB Q1 net up 56% at Rs 60 cr
Kerala-based South Indian Bank (SIB) has registered 55.64 per cent growth in net profit at Rs 60.11 crore for the first quarter of the fiscal.
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Its profit stood at Rs 38.62 crore for the corresponding period in the last fiscal.
The total business of the bank increased 20.26 per cent to Rs 31,292 crore on year-to-year, SIB MD and CEO Dr V A Joseph, told reporters here.
While deposits went up from Rs 15,378 crore to Rs 18,650 crore and advances from Rs 10,642 crore to Rs 12,642 crore.
The bank earned a total income of Rs 521.24 crore during the quarter against Rs 405.89 crore for the same previous year registering a growth of 28.42 per cent, he said further.
The bank was targetting a total business of Rs 36,000 crore for the current fiscal, he said.
SIB entered into a tie-up with the Life Insurance Corporation to market the insurance products introduced by LIC, he added.