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With the advantage of total implementation of CORE Banking Solution in all of the branches/ offices, the Bank now is the first in the industry in India to announce results for Q2 of the current fiscal.
With the recent issue of two crore equity shares with a face value Rs. 10 per share at a premium of Rs. 153 per share aggregating to Rs. 326 crore to Qualified Institutional Buyers the bank has now crossed the milestone of Rs.1000 crore in total net worth .
The Capital adequacy ratio of the bank is as high as 14.92% against the regulatory requirement of 9%. In spite of additional issue of capital, the Book value per share has increased from Rs. 102.45 to Rs.127.85.
South Indian Bank(SIB) has now established the largest network , in the private sector ,of Core Banking branches next only to ICICI Bank , HDFC Bank and AXIS Bank. As on date the Bank has established a network of 487 CBS branches and 27 CBS extension counters and also 200 online ATM Centres.
The Bank had declared 2007-08 as the year of youth and has launched a novel deposit scheme “YOUTH PLUS” with technology features focusing the younger generation.
The bank has recently tied up with ICICI Prudential life insurance for the selling of insurance products at over 296 SIB branches in Kerala. “This is a major step towards growing the fee-based income of the bank. This partnership would help the policyholders of ICICI Prudential to pay their first as well as renewal premiums in cash at over 296 branches of the SIB in Kerala. Our focus during the next three months will be on increasing the CASA funds as well as non interest income by sale of mutual funds and insurance products. ” said VA Joseph, Chairman and CEO.
This was an important milestone as the peer banks have only just begun the initiative . South Indian Bank(SIB) has now established the largest network , in the private sector ,of Core Banking branches next only to ICICI Bank , HDFC Bank and AXIS Bank.
SIB IS Now A Financial Supermarket
While the bank gives risk adjusted rate of interest for its deposit products, Mutual Fund products marketed by the Bank offer higher returns proportionate to the risk appetite of the clients. The bank also has made available life insurance products to the clients to offer protection to their family and general insurance products to provide pecuniary compensation in case of loss of property .
The South Indian Bank has become the first private sector bank from India to provide management support to an exchange house in the Middle East when recently South Indian Bank Chairman Dr.V.A.Joseph and Hadi Express Exchange Chairman Mr.Mohammad Sharif Mohammad Al Hadi signed the agreement in Dubai.This enables SIB to provide top quality service, to NRIs looking at remittances to India , in a technology –driven environment .
The Bank very recently could bag a special award for excellence in banking technology from IDRBT which is the technical arm of the Reserve Bank of India .This award was presented to the Bank as a national level recognition to the excellent contribution made in the area of information systems, security policies and practices .The bank has bagged this award by tightly competing with all categories of banks in India such as Foreign Banks, Private sector banks, public sector banks and co-operative banks .
SIB-A Customer Oriented Bank
Despite acquiring the latest technological capabilities available to the banking industry in the country, the Bank will continue the emphasis on personalized customer service, which has been the Bank’s core strength for all these 78 years. Incidentally , the Bank had also been selected , in the Outlook Money – C- Fore Survey, as the best private sector Bank in India in the ‘Service Quality ‘ segment .
What Mr. Narayana Murthy Told About Us :
Announcing the total implementation of CBS in SIB ,Mr.Narayana Murthy , Chairman & Chief Mentor of Infosys Technologies who recently has been elected as the Chairman of the Asian Business Council said:’Completing one’s job in time and also with efficiency is a sign of excellence .This is where I’ve got tremendous respect for South Indian Bank’ .In this context Mr.Murthy referred to the dismal performance of the India Cricket team (in March 2007) who had commenced their celebrations even before the play , and said ,”South Indian Bank , on the other hand , had waited for one month to confirm the efficacy of the new system and then only celebrated even though they had completed implementation of CBS in the month of February itself .In India we usually celebrate even before performing one’s duties .So my earnest wish is –‘Let there be thousands to emulate SIB’s example’.
For press queries :Senior. Manager, Corporate Comunications, The South Indian Bank Ltd.
Ph:0487-2423858 Mob:9847404555 E-mail:simonjoseph4@gmail.com