THE SOUTH INDIAN BANK LIMITED
The Annual Report of the South Indian Bank for 2010-11 is now available. Salient performance details of the bank as per the Annual Report are given below : The annual results were earlier covered in the Blog under the following URL in which mostly the Q4 FY 11 results only were covered :
The PERFORMANCE OF THE BANK as per the Annual report for the whole year of FY 2011 are as follows. Comparison with FY 2010c is also furnished :
The performance highlights of the Bank for the financial year ended March 31, 2011 are as follows:
Key Parameters ::Rs. in Crore
2010-11:: 2009-10
o Deposits :: 29721.00 :: 23012.00
o Gross Advances :: 20659.00 :: 15970.00
o Total Gross Business :: 50380.00 :: 38982.00
o Net Profit :: 292.56 :: 233.76
o Capital & Reserves :: 1845.16 :: 1484.71
o Capital Adequacy (%) –Basel-I 13.17 :: 14.73
· Basel-II 14.01::15.39
o Earning Per Share (EPS) :
o (a) Basic EPS (in `) :: 2.59 :: 2.07
o [face value `1/-]
o (b) Diluted EPS ( in `) :: 2.58 :: 2.06
o [face value `1/-]
o Book Value per Share (in `) :: 16.33 :: 13.14
o [face value `1/-]
o Gross NPA as % of Gross Advances ::1.11:: 1.32
o Net NPA as % of Net Advances :: 0.29 :: 0.39
o Return on Average Assets (%) :: 1.05 :: 1.07
Profit
The Bank has achieved a record net profit of Rs.292.56 Crore during the year registering a growth of 25.15% over the previous year. The Bank could achieve this quantitative enhancement in net profit essentially on account of higher scale of operations and better management of assets and liabilities of the Bank.
The Profit and Loss Account shows an Operating Profit of Rs.548.08 Crore before depreciation, tax and provision.
Dividend
The Board of Directors has recommended a dividend of 50% (tax-free in the hands of shareholders), i.e., @ `0.50/- per Equity share of face value of `1/- per share as against 40%, i.e. `0.40/- per share declared last year.
EXPANSION PROGRAMME / POLICY OF THE BANK
During the year, the Bank opened 61 new branches and 116 ATMs across the country. The Bank has been successful in widening its coverage across the country with 641 branches and 3 extension counters transforming it to a pan Indian Institution.
The branch network now covers 26 states/union territories and has a network of 489 ATMs. The Bank plans to open more new branches and ATMs in the current financial year so as to reach the corporate goal of 700 Branches and 600 ATMs by March 31, 2012.
THE CAPITAL TO RISK WEIGHTED ASSETS RATIO (CRAR)
The Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on March 31, 2011 according to Basel I guideline is 13.17% as against the statutory requirement of 9%. Tier I CRAR constituted 10.60% while Tier II CRAR represented 2.57%.
The Capital to Risk Weighted Assets Ratio(CRAR) of the Bank as on March 31, 2011 according to Basel II guideline is 14.01%, as against the statutory requirement of 9%. Tier I CRAR constituted 11.27% while Tier II CRAR worked out to 2.74%.
BUSINESS ACHIEVEMENTS
The Bank could achieve a total gross business of Rs.50380 Crore, consisting of total deposit of Rs.29721 Crore and gross advances of Rs.20659 Crore as on March 31, 2011 registering a growth of 29.24% over the previous year.
In CASA segment, the Bank has achieved a year to year growth of 20%.
During the year 2010-11, 7.51 Lakh new SB A/cs were opened, of which, 2.82 Lakh accounts belong to students. This was specifically aimed at inculcating banking and savings habit among the younger generation
NON-PERFORMING ASSETS (NPA) MANAGEMENT
As a result of the various initiatives taken, the Bank could recover NPAs to the tune of Rs.167.24 Crore during the year against the target of Rs.180 Crore. The Gross and Net NPAs of the Bank as on March 31, 2011 were Rs.230.34 Crore and Rs.60.02 Crore against Rs.211.00 Crore and Rs.61.57 Crore respectively as on March 31, 2010.
The Percentage of Gross NPA to Gross Advance came down from 1.32% as on March 31, 2010 to 1.11% as on March 31, 2011. Another encouraging achievement in NPA management was that the Bank could reduce the percentage of net NPA to net Advances from 0.39% to 0.29% as on March 31, 2011, a level comparable with the best in the industry.
Overall – the performance of the South Indian Bank for FY 2011 is quite good . The expansion program for current year is also impressive. So, we can expect much better performance in current year.
According to the Announcement issued to NSE dt 26-05-2011, The South Indian Bank Limited has decided to raise capital by way of a QIP issue of Equity shares not exceeding Rs. 40 crore in nominal value, the time of issue to be decided later.
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