South Indian Bank, Thrissur-based lender is expanding its network beyond the boundaries of Kerala fulfilling the dreams of its founders and even its brand name. Bank is having a wide network spread all over south India and is rapidly expanding its branch network in the north and in a few years will open a significant number of branches in the north, west and east of the country.
Latest the bank has opened its 300th branch in Kerala, with which the number of branches has increased to 546, along with fast expansion of network in the north. Last year bank had opened a branch in Jammu and over the past few months new branches have been started at Faridabad, Najafgarh and Indirapuram. Other than these places bank is likely to open branches at Shillong, Meerut, Bhilai and Jamshedpur, among other locations.
SIB managing director V A Joseph informed ET, “We are planning eight more branches in and around Delhi and with a string of new branches across the country in the recent past, we are now present in 25 states”.
By March 2010 the number of branches will reach to 575 after the opening up of 29 more branches but SIB is not satisfied with its current network of branches, it has made a 4-year plan which will take bank branch network to 750 by 2013. out of the 250 branches which will be opened between 2010 and 2013, around 150 branches will be opened in the north of the country, publicizing the brand name of the bank.
Mr Joseph pointed out, “We are adding branches at a quick pace, but fact remains that a vast section of the people in the country is still to have any reasonable access to a bank branch”.
As per bank’s plan, by 2013 bank has set a target of attaining a business of Rs 75,000 crore, spreading a branch network of around 750, same number of ATMs to be installed and increase an employee strength of 7,500.
Mr Joseph informed bank will continue the recruitment process by employing around 600 staffers per year leading up to 2013 to attain the employee level of 7,500 by that year.
For the first quarter of the current fiscal SIB registered a net profit of Rs 60.11 crore which has increased by 56% from the Rs 38.62 crore net profit in the corresponding period last year.