South Indian Bank has mopped up Rs 442.60 crore through a Qualified Institutional Placement (QIP). Following this, the bank’s capital adequacy ratio rose to 15%, which is a remarkable 6% increase as against the 9% benchmark laid down by the Reserve bank of India.
Further, the bank is planning to increase the number of branches to 750 and ATMs to 800 by the end of financial year from the present 713 branches and 725 ATMs.
The bank registered a jump of 49.16% in its net profit at Rs 123.04 crore for the quarter under review as compared to Rs 82.49 crore for the same quarter in the previous year. Total income of the bank increased by 39.50% at Rs 1144.41 crore for Q1FY13 as compared Rs 820.35 crore for the corresponding quarter previous year.
