The Thrissur-based South Indian Bank has placed a net profit of Rs 58.44 crore during the first quarter of FY'11, contrasted to Rs 60.11 crore for the consequent quarter of the preceding year.

The bank received a total income of Rs 581.78 crore throughout the quarter under assessed against Rs 521.24 crore for the parallel quarter of the preceding year, converting into a development of 11.61 per cent, a bank publish expressed here today.

The yearly earnings per Share inclined to Rs 20.74 from Rs 20.69 as on March 31, 2010. Per share book value has also augmented from Rs 120.72 to Rs 136.56 on a yearly basis.

For the moment the SIB shareholders agreed a suggestion to split up the equity shares of the financial institutions with Rs 10 face value hooked into 10 shares of Re 1 each at the bank's AGM.

The Annual General Meeting has also standard a dividend at the price of 40 per cent for the year 2009-10.

The bank has previously attained a non-performing asset covering ratio of 70 per cent, which the RBI had authorized by the month of September 30 this year, the release expressed.