South Indian Bank Ltd

BSE: 532218 | NSE: SOUTHBANK | ISIN: INE683A01023 
Market Cap: [Rs.Cr.] 3,469.87 | Face Value: [Rs.] 1
Industry: Banks - Private Sector

Director's Report


To the Members,

The Board of Directors are pleased to place before you, the 85th AnnualReport of the Bank along with the Audited Balance Sheet as at March 31, 2013 and theProfit and Loss Account for the year ended March 31, 2013.


The performance highlights of the Bank for the financial year ended March 31, 2013 areas follows:

Rs in Crore
Key Parameters 2012-13 2011-12
Deposits 44262.00 36501.00
Gross Advances 32014.00 27473.00
Total Gross Business 76276.00 63974.00
Net Profit 502.27 401.66
Capital & Reserves 3003.61 2167.48
Capital Adequacy (%) - Basel-I 11.46 11.64
Basel-II 13.91 14.00
Earnings Per Share (EPS) :
(a) Basic EPS (in Rs ) [face value Rs 1/-] 4.03 3.55
(b) Diluted EPS ( in Rs ) [face value Rs 1/-] 3.99 3.50
Book Value per Share (in Rs ) [face value Rs 1/-] 22.44 19.12
Gross NPA as % of Gross Advances 1.36 0.97
Net NPA as % of Net Advances 0.78 0.28
Return on Average Assets (%) 1.17 1.12



The Bank had achieved a record net profit of Rs 502.27 crore during the yearregistering a growth of 25.05% over the previous year. The Bank could achieve this healthygrowth in net profit essentially on account of higher scale of operations, bettermanagement of assets and liabilities and focus on enhancement of non-interest revenue ofthe Bank.

The Operating Profit for the year under review was Rs 888.48 crore before depreciation,taxes and provisions. Net profit was Rs 502.27 crore and the profit available forappropriation was Rs 525.45 crore as per details given below:

( Rs in crore)
Profit before depreciation, taxes & provisions 888.48
Less : Depreciation 39.89
Provision for NPA/NPIs 131.90
Provision for depreciation on investments 11.24
Provision for Income Tax/Wealth Tax 153.59
Provision for standard advances 32.49
Provision for restructured advances 18.63
Provision for Impaired Assets -1.53
Net Profit 502.27
Brought forward from last year 23.18
Profit available for appropriate on 525.45


( Rs in crore)
Transfer to Statutory Reserve 125.57
Transfer to Capital Reserve 6.21
Transfer to Revenue & Other Reserves 240.00
Transfer to Special Reserve u/s 36(1) (viii) of The Income Tax Act, 1961 13.00
Transfer to/(from) Investment Reserve (5.69)
Transfer to/(from) present value provision for ADWDRS 0.00
Proposed Dividend 93.82
Dividend Tax on Proposed Dividend 15.58
Carried over to Balance Sheet 36.96
Total 525.45


The Board of Directors recommended a dividend of 70% (tax-free in the hands ofshareholders), i.e., @ Rs 0.70 per Equity Share of face value of Rs 1/- per sharevis--vis 60%, i.e. Rs 0.60 per share declared last year.


During the year, the Bank opened 50 new branches and 137 ATMs across the country. TheBank has been successful in widening its coverage across the country with 750 branchestransforming it into a pan India institution. The branch network now covers 29states/union territories and has a network of 800 ATMs. The Bank plans to open more newbranches and ATMs in the current financial year so as to reach the corporate goal of 800Branches and 1000 ATMs by March 31, 2014.


The Bank’s issued and paid up capital stood at Rs 133.85 crore as on March 31,2013. In September, 2012, the Bank successfully completed issue of 20 crore Equity Sharesof face value of Rs 1/- each @ Rs 22.13 per share inclusive of premium Rs 21.13 per shareto Qualified Institutional Investors under the guidelines issued by Securities andExchange Board of India. Further, during the year, 47,88,959 stock options granted underEmployee Stock Option Scheme were exercised by eligible employees.

The capital plus reserves of the Bank has therefore gone up from Rs 2,167.48 crore to ahealthy level of Rs 3,003.61 crore owing to fresh capital infusion with premium and ploughback of profits during the year.


The Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on March 31, 2013 interms of Basel I guideline was 11.46% as against the statutory requirement of 9%. Tier Iconstituted 9.94% while the share of Tier II was 1.52%.

The Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on March 31, 2013 interms of Basel II guideline stood at 13.91%, as against the statutory requirement of 9%.Tier I CRAR constituted 12.05% while Tier II CRAR worked out to 1.86%.

Pursuant to Reserve Bank of India guidelines, the Bank migrated to new Capital Adequacyframework w.e.f. March 31, 2009.The Bank has adopted Standardized Approach for CreditRisk,

Standardised Duration Approach for Market Risk and Basic Indicator Approach forOperational Risk while computing the Capital requirement under Basel II guidelines.


The Bank’s shares continue to be listed on The Cochin Stock Exchange Ltd., BSELtd., and The National Stock Exchange of India Ltd. The Bank confirms that it has paid thelisting fees to all the Stock Exchanges for the year 2013-14.


The Bank achieved a total gross business of Rs 76,276 crore, consisting of totaldeposit of Rs 44,262 crore and gross advances of Rs 32,014 crore as on March 31, 2013registering a growth of 19.23% over the previous year.

In CASA segment, the Bank has achieved a year on year growth of 14.67%. During theyear, 2012-13, 7.01 lacs new SB A/cs were opened. The Bank accorded priority to meaningfulfinancial inclusion exercise during the period under reporting.


The Bank could increase its total deposits to Rs 44,262 crore from Rs 36,501 crore ason March 31, 2012, registering a growth of 21.26%.

The break up of the deposits as on March 31, 2013 is as under:-

Amount % to total
( Rs in crore) Deposits
Current Deposits 1,547.35 3.50
Savings Deposits 6,685.47 15.10
Term Deposits 36,029.47 81.40
Total 44,262.29 100.00


Gross advances of the Bank registered an increase of 16.53%, to touch a gross figure ofRs 32,014 crore. Total Priority sector exposure as at the end of the financial year stoodat Rs 8,591.76 crore, constituting 31.24% of the Adjusted Net Bank Credit (ANBC). Exposureto agricultural sector amounted to Rs 2,259.37 crore, forming 8.21% of ANBC as at the endof the financial year. Break-up of exposure under Priority sector is furnished below:

( Rs in crore)
Agriculture & Allied activities 2,259.37
Small Enterprises 4,551.48
Other Priority Sector 1,780.91
Total Priority Sector 8,591.76


Gross Domestic Product (GDP) for April- December 2012, declined to 5% from 6.60% a yearago. Inflation, as per latest WPI data, was about 5.96% during March, 2013. Even asheadline inflation eased, there were upside pressures on food inflation throughout theyear essentially because of unusual spike in vegetable and cereal prices. With fallingGlobal commodity prices, normal monsoon forecast and domestic demand supply balance, WPIinflation is expected to be moderated and to be range bound around 5.50 % during 2013 -14.Latest data on Industrial production (IIP) reflects signs of revival with latest IIP indexshowing 2.5% growth over last year. Current Account Deficit (CAD) surged to 6.7% of GDP,rising sharply from the 5.3% of GDP in the previous quarter. This was largely attributableto a sharp increase in the trade deficit from US$48.3 billion (11.5% of GDP) in 3rdQuarter to $59.6 billion (12.3% of GDP) in 4th Quarter. As per the growthestimates of Reserve Bank of India, moderation in inflation, further gradual monetaryeasing and continued policy measures from the government etc. are expected to boost GDPgrowth to 5.7% during the FY 2013-14.

Bank’s gross investment portfolio increased from Rs 9,399.87 crore (March 31,2012) to Rs 12,523.47 crore (March 31, 2013), registering a growth of 33.23%. Investmentdeposit ratio increased from 25.75% as on March 31, 2012 to 28.29% as on March 31, 2013.Yield on Investments improved from 6.92% as on March 31, 2012 to 7.22 % as on March31,2013. Profit on sale of investments attained as on March 31, 2013 stood at Rs 57.72Crore as against Rs 40.78 Crore as on March 31,2012, which shows a growth of 41.54%.


During the year 2012-13, as a result of the focused approach by the Bank through earlyrecovery of NPAs, by initiating prompt and effective measures under the SARFAESI Act,follow up of recovery cases pending before DRTs and civil courts, one time compromisesettlements of accounts, conduct of recovery camps, etc., Bank could recover NPAs to theextent of Rs 270.73 crore, (recovery including up-gradation) as against the target of Rs203.00 crore, which was up from Rs 176.86 crore as on March 31, 2012. Recovery figurereported above, includes the amount of Rs 25.50 Crore realized through sale of 19 NPAaccounts with a Net Book Value (NBV) of Rs 7.74 Crore to ARCIL (Asset ReconstructionCompany India Ltd).

Despite recovery made during the year, the Gross NPA of the Bank increased from Rs267.16 crore as on March 31,2012 to Rs 433.87 crore as on March 31,2013 and consequentlynet NPA increased from Rs 76.51 Crore as on March 31,2012 to Rs 249.53 Crore as on March31,2013. In terms of percentage, GNPA increased from 0.97 % as on March 31, 2012 to 1.36 %as on March 31, 2013 and net NPA increased from 0.28 % as on March 31, 2012 to 0.78 % ason March 31, 2013. Despite the hike in GNPA and NNPA compared to previous years figures,the level in percentage terms was better than the industry average. Above increase in NPAwas mainly due to the slippage of 3 large value accounts in the Corporate sector with anaggregate outstanding of Rs 248.77 crore.


Information Technology and its potential to offer innovative solutions have paramountimportance for growth and sustenance of the Banks. The turnaround time for rolling out atechnology product in banks has been visibly diminishing, which essentially calls for arobust, adaptable system in place to execute projects right from conception to completion.

The Bank, an early adopter of technology with a view to providing safe and convenientbanking facilities to its customers, has introduced host of services and facilities forenhancing the customer satisfaction. The Bank has been successfully functional withFinacle Core Banking Solution (CBS) from Infosys for several years. CBS has been the keycomponent in introducing the following technology services by the Bank for the benefit ofits customers.

Real time on line ATMs having affinity with NFS (National Financial Switch),Master and VISA payment and settlement agencies.

Global Debit Card operations with VISA and MAESTRO.

Straight Through Processing (STP) for RTGS and NEFT payment systems

Internet Banking & E –Commerce including NEFT support for otherbank remittances

Mobile Banking & M-Commerce (with support for other bank money transferthrough IMPS)

ASBA (Application Supported by Blocked Amount)

Foreign Inward Instantaneous remittance with own Payment Hub system

Demat & On-line Trading Facility

Point of Sales (POS)

Bullion Sales

Portfolio Investment Scheme for NRI community

IT initiatives/Solutions embarked during the year

The following list showcases a few of the IT enabled services / solutions that the Banklaunched during the year to serve its customers in a better and efficient way.

Implementation of APBS (Aadhar Payment Bridge System) in the bank for directcredit of government subsidies to customer’s accounts based on the Aadhar number.

Pilot launch of 2nd Factor Authentication for Net banking Customers whichwill provide additional security over and above User ID & Password with One TimePassword facility

National Pension Scheme for Corporate customers

Bulk Note Acceptor Machine provided to select branches to accept currencynotes from customers with direct credit to beneficiary’s account number

Enabling debit cards for ‘Card Not Present Transactions’ categoryon Internet (e-commerce transactions)

Information Security and Risk Management

As banks adopt technology as part of their ongoing strategic agenda to face challengesin the emerging realities of banking, they are increasingly exposed to technology risks.It is therefore imperative for each bank to work out appropriate IT risk managementstrategies to secure its most vital information asset and ensure that related riskmanagement systems and processes are strengthened on continual basis to secure bothpresent and future banking activities. SIB’s IS audit policies and systems hasalready taken these aspects into consideration and it includes the new supervisoryinitiatives in the form of Risk Based Supervision (RBS) and Risk Based Internal Audit(RBIA) under Basel II.

Bank has been providing awareness on e-threats to its customers and staff on acontinued basis so that both proactive and reactive measures can be initiated , as deemedappropriate to mitigate potential risks associated with e-threats.

Bank is in the process of implementing the stipulations and guidelines articulated andissued by RBI based on the working group recommendations on Electronic Banking, TechnologyRisk, Information Security and Cyber Frauds as part of the IT governance programme.

Upcoming Initiatives

The Bank proposes to introduce the following initiatives to augment the customersatisfaction during the year.

Major Upgrade of Core Banking Software to version 10 with a host of valueadditions

Automation of Customer Relationship Management

Workflow and Document Management Solutions for movement towards paperlessoffice

State of Art Call Center

Major Upgrade of Internet banking Software with enhanced facilities

IT Training

During the year, many training programmes were attended by the Bank’s officers inpremier institutions such as IDRBT and in international universities/institutions invarious countries to keep themselves abreast with the advancements in IT, InformationSecurity, CRM etc.

Awards and Accolades

During the year, the Bank bagged the Technology Excellence award, instituted by IDRBTfor Managing IT Risk and we are receiving this prestigious award from IDRBT for the thirdtime.

Gopalakrishna Committee Recommendations Management Philosophy & Measures

Gopalakrishna Committee Recommendations on Information Security, Electronic Banking,Technology Risk and Cyber Frauds as applicable to the Bank has been taken up forenforcement and implementation. Effective measures have been taken to address theidentified gaps in each area such as IT Governance, Information Security, IT Service outsourcing, IS Audit, IT Operations, Cyber Frauds, Business Continuity Plan (BCP), CustomerEducation and Legal issues. The IT Organization set up has been redrawn to suit thefunctions/roles specified in the recommendations with segregation of duties. Technology,Development, IT Operations and IT Assurance functions have been clearly divided and nowindependently headed. IT Strategy Committee of Board, IT Steering Committee, InformationSecurity Committee and Chief Information Officer (CISO) reporting independently to HeadRisk Management is in place. Existing Information Security Policy has been subject to amassive review to incorporate the necessary changes as required and covered by theGopalakrishna Committee recommendations and other associated policies such as customereducation policy, IT service out sourcing policy, IT strategy policy etc, are also drawnup which prescribes defined process and procedure for implementation of various aspects inthe specified areas. BCP policy and plan have been reviewed to effectuate the necessarychanges as per the recommendations. All other remaining areas are also focused to negatethe gaps identified.


Risk is an integral part of the banking business and the Bank aims at deliveringsuperior value to shareholders by achieving an appropriate trade-off between risk andreturn. Sound risk management and balancing risk-return trade-off are critical to aBank’s success. Business and revenue growth have therefore to be weighed in thecontext of the risks embedded in the Bank’s business strategy. Of the various typesof risks the Bank is exposed to, the most important are credit risk, market risk (whichincludes liquidity risk and price risk) and operational risk. The identification,measurement, monitoring and mitigation of risks, continued to be a key focus area for theBank. The risk management function attempts to anticipate vulnerabilities at thetransaction level or at the portfolio level, as appropriate, through quantitativeexaminations of embedded risks. The risk management strategy of the Bank is based on aclear understanding of various risks, disciplined risk assessment, risk measurementprocedures and continuous monitoring for mitigation. The policies and proceduresestablished for this purpose are continuously bench marked with the best practicesfollowed in the Industry.

The Bank’s risk management structure is overseen by a Committee of the Board.Appropriate policies to manage various types of risks are approved by Risk ManagementCommittee (RMC), which provides strategic guidance while reviewing portfolio behaviour.The senior level management committees like Credit Risk Management Committee (CRMC),Market Risk Management Committee (MRMC) and Operational Risk Management Committee (ORMC)develop the risk management policies and vet the risk limits. The Asset LiabilityManagement Committee and Investment Committee ensure adherence to the implementation ofthe above risk management policies, develop Asset Liability Management Policy andInvestment Policy within the above risk framework.

Compliance with Basel II framework

In compliance with regulatory guidelines on Pillar I of Basel II norms, Bank hascomputed capital charge for credit risk as per the Standardized Approach, for market riskas per the Standardized Duration Method and for operational risk as per the BasicIndicator Approach. To address the issues of Pillar II, the Bank has implemented ICAAP(Internal Capital Adequacy Assessment Process), integrating capital planning withbudgetary planning and to capture residual risks which are not addressed in Pillar I likecredit concentration risk, interest rate risk in the banking book, liquidity risk,earnings risk, strategic risk, reputation risk etc. Bank has adopted a common frameworkfor additional disclosures under Pillar III for adhering to market discipline of Basel IIguidelines. This requires the Bank to disclose its risk exposures, risk assessmentprocesses and its capital adequacy to the market in a more consistent and comprehensivemanner.


The total forex business turnover for the year ended March 31, 2013 was Rs 92,765.37crore (comprising Merchant Turnover Rs 16,565.48 crore and Interbank Turnover Rs 76,199.89cr) recording an increase of 76.15% as compared to the previous financial year. The Bankearned an exchange profit of Rs 27.42 crore showing a year on year increase of 7.07%.

At present the Bank is having rupee inward remittance arrangement with 5 Banks and 32Exchange Houses (EHs) and turnover for the year ended March 31, 2013 was Rs 4,729.47 croreregistering an increase of 18.59% as compared to the previous financial year. During theFY 2012-13, Bank concluded two new Rupee remittance tie ups, viz. Arab National Bank, KSAand Asia Express Exchange, Oman. The Bank continued providing managerial support to M/s.Hadi Express Exchange, UAE. The Bank has presently deputed 14 officers to manage theoperations of Hadi Express Exchange.

Considering the scope in improving Bank’s remittance business through arrangementswith EHs, Bank has decided to depute its officers to various Middle East countries.Presently the Bank has deputed three officers to UAE with UAE Exchange Centre and AlAnsari Exchange.


The NRI Division of the Bank aims at personalized and dedicated services to NRIcustomers. It also extends support to branches and closely monitors the growth of NRIbusiness. NRI business of the Bank constitutes 14.75% of the total Bank deposits. NRE/ NROsavings bank deposits constitute 20% of the total CASA deposits of the Bank.

In FY 2012-13, the NRI Division has successfully implemented Welcome kits to NREprivilege accounts featuring instant activation. Such accounts are now available at allbranches of Hadi Express Exchange and marketing officers at UAE. The product is widelyaccepted in the market and it added momentum in opening of NRE SB accounts , improving theshare of low cost deposits of the Bank. To increase the momentum of NRI business growthand valued customer retention, NRI Division arranged NRI meets in Switzerland and Germanyand also in every Kerala region. The Bank had opened and managed a stall in the IndianPavilion during the Dubai Shopping Festival, at UAE to promote NRI services. All thoseefforts resulted in achieving a record growth of 37.87% in the total NRI deposit businessof the Bank as against 21.06% in FY 2011-12.


The Bank accords utmost importance to human resources development. Training programmesare conducted at SIB Staff Training College (SIBSTC), Thrissur and at 7 Regional TrainingCenters (RTCs) at ROs for enhancement of professional skills of the staff. The trainingprogrammes are designed to develop competency of operating personnel while imbibing theSIB spirit and culture through an effective learning process. The success of theseprogrammes reflect on the enhanced organizational productivity. SIBSTC and the RTCsidentify gaps in skill of the personnel and provide learning to them for qualitativeimprovement. During the year 2012-13, the Bank imparted training to 2,252 officers, 1,497clerks and 158 sub staff in various aspects of banking operations. Thus, the Bank couldprovide training to a total of 3,907 of its personnel, which is about 61% of total staffstrength of 6,383 as on March 31, 2013. This is in consonance with the Bank’s visiontowards continuous up-gradation of skills to ensure that the staff members meet the risingexpectations of customers and discharge services professionally covering the entire gamutof banking operations.


Marketing Department has within its fold, technology products and third party products,bancassurance and value added services that cater to the varied requirements of thecustomers. The department educates and promotes various products through campaignslaunched from time to time. This has ensured better customer retention on the one hand andinduction of large number of fresh customers on the other hand. The activities ofMarketing Department are articulated in tandem with the efforts of the branches, regionaloffices and with the regional marketing officers to help to identify businessopportunities and achieve corporate goals.


The Bank offers a wide range of SB & CD products with Any Branch Banking facilityto suit the needs of various customer segments. Through Real Time GrossSettlement/National Electronic Fund Transfer (RTGS/NEFT), customers can transfer/ receivefunds to/from accounts with any other banks in India, who are the members of this paymentsystem. Customers can also send/receive funds to/from abroad through various onlinereal-time remittance services provided by the Bank. The products such as CD Smart andSIB-Mahila, Youth Plus, etc. cater to specific segments of the customer base. The productshave been well received by the customers. Constant innovations are being done on theexisting product lines to make it more attractive.


The Bank launched bullion banking on September 6, 2011 for sale of gold coins/ingots ofdenomination 1, 3, 4, 8, 20, 50 & 100gm, with 999.9 purity branded as "SIB PureGold", through all the Branches of the Bank. SIB Pure Gold is packaged in atamper-proof cover and is sourced from world’s renowned refinery PAMP, Switzerlandwith purity being ASSAY certified. In the FY 2012-13, the Bank could sell 361.75kg of SIBPure Gold through various campaigns and also through Grand Kerala Shopping Festival(GKSF).


Internet Banking

SIBerNet – Internet banking service of the Bank offers Self, Third Party andExternal Fund Transfer (RTGS/NEFT), which enables Bank’s customers to do transactionon a round the clock basis. To facilitate online transaction for Internet Bankingcustomers, Bank has arrangements with 7 leading online payment aggregators like Billdesk,Tech Process, CC Avenues, Times of Money Ltd (TOML), IBIBO, Paymate and Atom TechnologyLtd. To enable online offering facility to SIBerNet customers, the Bank has establishedarrangements with famous temples like Attukal Bhagavathy Temple and Sri Padmanabha SwamyTemple, Trivandrum and Sri Krishna Temple, Guruvayur. In order to cater to the needs ofBank’s customers in an instantaneous way the Bank introduced instant Pin Mailers forSIBerNet which enables the customer to receive User Id and Password over the counterinstantly when they are applying for internet banking facility. In addition to these theBank is introducing Direct and Indirect Tax Payment facility for its Retail and CorporateCustomers.

The Bank was successful in enrolling 70,081 SIBerNet registrations in the FY 2012-13with 53% growth compared to 50% in FY 2011-12. The growth can be attributed to variouscampaigns launched round the year to increase the number of registrations.

Mobile Banking

Customers of the Bank enjoy the benefit of mobile banking service wherein, thetransaction alerts are sent to the customers (including the mobile nos. registered outsideIndia) on a real time basis, using SMS technology. Last year the Bank has launched SIBM-Pay, the enhanced mobile banking services for the benefit of domestic customers whichoffers 24X7 instant inter/intra bank fund transfers even on bank holidays. The fundtransfer facility is facilitated using the IMPS (Immediate Payment Service) platform ofNPCI. The facility also enables the registered user to enjoy value added services likemobile recharge, DTH recharge, flight ticket booking, movie ticket booking etc. usingtheir mobile phones. The Bank had planned exclusive marketing strategies for this product,which resulted in large number of registrations.

The SMS registration of the Bank were 2,81,245 in the FY 2012-13 with a growthpercentage of 119% compared 60% in FY 2011-12 and the number of M-Pay registration of theBank were 1,34,535 in the FY 2012-13 with a growth percentage of 379%. The Bank has beenfloating different campaigns to motivate the staff members to create customer awarenessabout mobile banking.

Debit Cards

The Bank is offering both Visa and Maestro debit cards to its customers. Using SIBdebit cards Bank’s customers can withdraw cash through ATMs of any bank in India andalso across the globe wherever Visa/Master logo is displayed. Visa cards have threevariants namely Classic, Gold and Platinum which offers a wide variety of features such asenhanced cash withdrawal limits, online transaction limits, POS transaction limits etc.Bank has enabled its Visa cards and Maestro cards for online transactions. Co-brandedForeign Currency Travel Card was launched on 29th January 2013 in association with AxisBank. The cards are available in 7 foreign currencies: USD, GBP, AUD, EUR, CHF, CAD andJPY.

The Bank has issued 4,78,589 debit cards during the FY 2012-13. The Bank was successfulin increasing card base and card

Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

Amitabha Guha , Part Time Chairman

K Thomas Jacob , Director

Mohan Alapatt , Director

Jimmy Mathew , Company Secretary

Company Head Office / Quarters:

SIB House T B Road,
Mission Quarters,
Phone : Kerala-91-487-2420020/2420058/2420113 / Kerala-
Fax : Kerala-91-487-2442021 / Kerala-
E-mail :
Web :


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