South Indian Bank Declares Dividend of 30%

South Indian BankDuring the 81st Annual General Meeting in Thrissur, the board of directors of South Indian Bank (SIB) recommended 30 per cent dividend for its shareholders for the year 2008-09, which saw the Bank registering the highest -ever net profit, in its 80 year history, of Rs 194.75 crore recording a growth of 28.44% over the Rs 151.62 crore net profit during the corresponding period of the last year (2007-08).

In his annual address, Bank Chairman G A Shenai told the stockholders that the banking institution had entered the Top 1000 World Bank Ranking in the 39th Edition of The Banker, a publication of the Financial Times, London.

Moreover, SIB had settled the arrangement to provide M-Commerce facilities to allow buying products and services through the use of cellular phones, expecting to produce considerable interest among youngsters in the country.

The bank's long-term planning visualized an objective of reaching Rs 75000 crore of aggregate business with 1500 delivery channels and a dedicated staff of 7500. While talking to media persons, SIBs MD & CEO Dr. V A Jospeh said that SIB's recent performance in all segments of its activity exceeded the targets and dreams of its founding fathers.

With its focus on technology and high-class service delivery, SIB had finalized the arrangement to offer online insurance products, he added.

As on date the Bank has delivery channels of 857 including 549 CBS Branches, 299 ATM Centers and 9 extension counters spread over 24 States/Union Territories across the country.

The bank will shortly open its 300th ATM Centre for the benefit of the Cochin International Airport passengers.

The Directors of the bank-Dr. John Joseph, Mr. A. S Narayana Moorthy, Mr. Davy K. Manavalan, Dr. C J Jose, Mr. Paul Chalissery and Dr. N J Kurian attended the AGM. Mr. H Suresh Prabhu and Mr. Abraham Thariyan, Executive Directors , Mr. Cheryan Varkey , Chief General Manager, Mr. Alex Mathew and Mr. George Davis Thottan, General Managers and Mr. K. S. Krishnan, Company Secretary & CFO of the Bank also attended the function.