South Indian Bank has increased its business target for the current fiscal by Rs 1,500 crore. The decision to increase the target was made at the two-day conference of the top management team and 14 regional heads of the bank at Thrissur.
Speaking to a leading business magazine, Managing Director, Dr V.A. Joseph, said that his team managed to achieve 17 per cent growth, compared to the previous year’s business, within the first eight months of the current financial year. He said, “At the beginning of this fiscal, when we prepared our growth plan, we envisaged to grow 20 per cent over the previous year’s level, but by end November, we touched the 17 per cent growth and had to review our targets. We have now increased the growth target to 25 per cent totalling Rs 37,500-crore business.”
He added, “The credit offtake has been good, both on the retail and corporate segments, the NPA levels have come down significantly and the recovery extremely good,” and mentioned that the net NPA, as of November end, stood at 0.38 per cent.
Presently, the bank has a network of 570 branches and 332 ATM centres. It plans to add five new branches this month.
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