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South India Bank evolves 6Cs, to focus on growth

South Indian Bank has announced its Vision 2024, which focused on 6Cs – Capital, CASA, Cost-to-income, Competency building, Customer focus and Compliance. Capital remains one of the most important pillars of this strategy and the bank aims to shore up its capital base over the near term. It is planning to raise around Rs 750 crore during the current and the next fiscal to support growth. Murali Ramakrishnan, who recently took over as the new managing director and CEO, said by 2023-24, the bank aims to reach a loan book of Rs 1 trillion (from Rs 65500 crore currently), CASA mix of 35%, PCR of over 65% (~38% currently excluding write-offs), NIM of 3.5%, and RoA/RoE of over 1%/13%. The bank aims to leverage its Kerala franchise and further strengthen its NRI deposit base. It is looking to re-organize its team structure, with a new vertical focusing on Kerala and other parts of the country. The bank is also looking to partner with exchange houses, banks, and remittance platforms to expand into geographies from where it can tap the NRI business. ‘Fair to customer – Fair to bank’ is the philosophy that the management is going to follow as it looks to diversify its product offerings. Assets and liabilities teams would work closely for creating value for existing customers.

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