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SIB to grow profit threefold by 2020

South Indian Bank is to looking to grow its profit more than threefold and balance sheet size more than double by 2020. The bank has set a target net profit of Rs 1000 crore from Rs 307 crore in the fiscal 2014-15 and Rs 2 lakh crore business from Rs 94,042 crore as of December 2015. To achieve the target, the bank plans to refocus retail banking business. It has hired International Finance Corporation to advise it on rejig and prepare a roadmap to achieve the targets. According to SIB MD and CEO VG Mathew, with the new set of banks coming in, new opportunities will emerge in the market. IFC would advise in realigning business in line with the emerging situation, he said. Mathew said the bank was comfortable in terms of capital and might not go for fund raising any time soon. He added the bank would only look at low-risk corporate loans going forward.

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