South Indian Bank (SIB) declared a net profit of ₹775.09 crore for the financial year (FY) 22-23, the highest-ever in the history of the bank. Growth in net profit is 1,623.11% compared to the previous year. While declaring the results, Murali Ramakrishnan, MD and CEO of SIB, said the bank has achieved its highest ever performance, including highest-ever business of ₹1,63,743.42 crore, highest-ever net profit of ₹775.09 crore, highest-ever net interest income of ₹3,012.08 crore and highest-ever CRAR of 17.25%. Mr. Ramakrishnan said the business strategy of bank had contributed to the performance. During the period, the bank registered growth in all the desired segments, with focus on building quality assets across verticals such as corporate, SME, auto loan, credit card, personal loan, gold loan and so on.
He said that in line with the strategic intent of the bank, it could could churn around 58% of its advances portfolio since October 2020 amounting to ₹41,566 crore with a GNPA of only 0.09%. The board of directors has recommended a 30% dividend subject to approval of the shareholders.
