SIB exceeds NPA recovery target by 50%

South Indian Bank has not only managed to contain fresh NPAs but has exceeded its NPA recovery target by 50 per cent. The bank has recovered Rs 150.95 crore, against its annual recovery target of Rs 100 crore Stating that the bank had managed it at a time when serious concerns were voiced about the asset quality in banks, its Managing Director and Chief Executive, Dr V.A. Joseph, said “it is a real challenge at times such as this. Dun & Bradstreet has identified us as the ‘Best Bank’ in asset quality (in the private sector category) and we are determined to maintain the title”. The bank’s gross NPA declined to 1.85 per cent at the end of the third quarter of the just ended fiscal compared with 2.53 per cent a year ago. Its net NPA fell by 0.1 per cent to 0.39 per cent as at end December 2008 compared with 0.49 per cent during the corresponding period of the earlier fiscal.