THIRUVANANTHAPURAM : The Annual General Meeting of Thrissur-based South Indian Bank (SIB) has declared the highest ever dividend of 30 per cent while approving the Board's proposal to come out with a bonus issue and employees stock option scheme.
This was the higest ever rate of dividend declared by the bank in its 79 years of service, an SIB release said here on Monday. The capital bse of the bank had been strengthened by various measures like the rights issue, public issue, follow-on public issue and qualified institutional placement.
The bonus share would be issued to existing shareholders in the ratio of 1:4 on the record date. The employees' stock option scheme would be implemented to reward existing employees who had put in long years of service and also to offer incentive to new staff members.
In the current financial year, the bank would strive to increase the net profit to Rs 190 crore from Rs 150 crore the previous year, SIB's CMD Dr V A Joseph informed the AGM. A total business target of Rs 30500 crore had been set for the current year.
Also, the bank was working to add five lakh new customers in Savings Bank accounts which would mark a three per cent incrase in Current Account and Savings Bank Accounts (CASA) of the bank.
As NRIs form a sizeable clientele group, the bank planned to conduct a one-month long "Pravasi Utsav" to promote its bouquet of proudcts and services to NRIs.
The AGM also re-elected Dr John Joseph, Dr C J Jose and Jose Alapatt to the Director Board.
This was the higest ever rate of dividend declared by the bank in its 79 years of service, an SIB release said here on Monday. The capital bse of the bank had been strengthened by various measures like the rights issue, public issue, follow-on public issue and qualified institutional placement.
The bonus share would be issued to existing shareholders in the ratio of 1:4 on the record date. The employees' stock option scheme would be implemented to reward existing employees who had put in long years of service and also to offer incentive to new staff members.
In the current financial year, the bank would strive to increase the net profit to Rs 190 crore from Rs 150 crore the previous year, SIB's CMD Dr V A Joseph informed the AGM. A total business target of Rs 30500 crore had been set for the current year.
Also, the bank was working to add five lakh new customers in Savings Bank accounts which would mark a three per cent incrase in Current Account and Savings Bank Accounts (CASA) of the bank.
As NRIs form a sizeable clientele group, the bank planned to conduct a one-month long "Pravasi Utsav" to promote its bouquet of proudcts and services to NRIs.
The AGM also re-elected Dr John Joseph, Dr C J Jose and Jose Alapatt to the Director Board.
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CA. VIKAS KAPAHI
TREASURER
JAB WE MET CA
REDEFINING PROFESSIONALISM
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