The city-based South Indian Bank (SIB) has bagged India’s Best Bank-2010 award in this year’s edition of the ‘Businessworld-PricewaterhouseCoopers Best Banks Survey’, a statement said Monday.
“This coveted award speaks strongly of the corporate metamorphosis the bank has undergone by effecting rebranding, achieving asset quality, implementing banking technology and recruiting young and qualified personnel,” the bank’s managing director and chief executive officer V.A. Joseph said.SIB was in the news recently when Kerala Chief Minister V.S. Achuthanandan presented it with the ‘Best Bank’ award (in private sector, traditional banks category) of State Forum of Bankers’ Clubs, Kerala.
SIB’s asset quality has seen consistent improvement over the years on account of higher recoveries and low delinquencies, the statement said.
The net non-performing assets (NPA) of the bank has improved to 0.38 percent as on Sep 30, 2010 from 0.43 percent for the corresponding period in 2009.
“‘Vision 2013′ of the bank envisages a total business of Rs.75,000 crore, a network of 750 CBS (core banking solution) branches and 750 ATM centres, an employee headcount of 7500. We are poised to achieve Rs.48,000 crore business at the end of this fiscal,” added Joseph.
