South Indian Bank has received its board’s approval to increase the FDI limit by 10% subject to shareholders/FIPB approval. With the proposed increase, the foreign shareholding can go up to 59% against the maximum permissible limit of 74% prescribed under FDI policy in the case of private sector banks.
The bank posted a fall of 86.90% in its net profit at Rs 16.32 crore for the quarter ended March 31, 2015 as compared to Rs 124.60 crore for the same quarter in the previous year. However, total income of the bank increased by 3.23% at Rs 1444.37 crore for quarter under review as compared to Rs 1399.18 crore for the quarter ended March 31, 2014.
