The South Indian Bank (SOUTHBANK) Q4 01/02 earnings summary

Executive summary

• FY 2001-02 total business grew 28.2% YoY to Rs 9,151 crore; net profit rose 50.4% to Rs 62.41 crore.

• Deposit and advance growth exceeded industry averages, while operating profit increased 61.6% YoY to Rs 172.90 crore.

Financial highlights

• Interest earned was Rs 615.47 crore vs Rs 540.41 crore; other income rose to Rs 138.54 crore from Rs 72.53 crore.

• Net profit was Rs 62.41 crore vs Rs 41.50 crore; provisions and contingencies totaled Rs 110.49 crore vs Rs 65.47 crore.

• Profit on investment sales reached Rs 86.46 crore vs Rs 25.27 crore, contributing to higher other income amid favorable treasury conditions.

• Proposed dividend remained 25%; dividend appropriation was Rs 8.93 crore.

Outlook and guidance

• Priorities include realizing value from technology upgrades, expanding fee-based business, strengthening relationships and broadening the customer base.

• Around 100 branches were expected to connect to the data centre by FY 2002-03 end; plans included ~100 online ATMs over two years and internet banking.

• Three new Kerala branches, one extension counter and branches in New Delhi and Mumbai had RBI approval.