The South Indian Bank (SOUTHBANK) Q4 00/01 earnings summary

Executive summary

• FY 2000-01 net profit reached Rs 41.50 crore, up 62.11% YoY; operating profit rose 33.26% to Rs 106.97 crore.

• Deposits grew 20.18% to Rs 4,668.55 crore and advances rose 21.82% to Rs 2,468 crore.

• Recommended dividend increased to 25% from 20% for FY 1999-2000.

Financial highlights

• Gross profit before depreciation, taxes and provisions was Rs 110.21 crore; net profit was Rs 41.50 crore versus Rs 25.60 crore in FY 1999-2000.

• Interest earned was Rs 5,404,089 thousand, up from Rs 4,692,029 thousand; other income was Rs 725,269 thousand versus Rs 742,890 thousand.

• Net profit included Rs 2,907 thousand transferred from the Investment Fluctuation Reserve; provisions and contingencies totaled Rs 654,713 thousand.

Outlook and guidance

• Four additional branches were licensed for opening in New Delhi, Konni, Guntur and Nellore during the coming year.

• SIBerTECH was planned to introduce centralized online banking across ~150 branches and offices, with ATMs, telephone banking and internet banking as planned delivery channels.

• Industry outlook cited liberalisation and IT-driven change as opportunities for banking growth.