Business EconomyPosted at: Oct 16 2024 6:35PM


South Indian Bank net up over 18 pc in Q2 at Rs 325 crore

New Delhi, Oct 16 (UNI) Kerala based private lender South Indian Bank has reported over 18 percent jump in Net Profit of Rs. 325 Crore in Q2 of FY 25 compared to Rs. 274.81 Cr in Q2 FY 2023-24.
According to the bank, the Gross NPA came down by 56 bps from 4.96% to 4.40% on Y-o-Y basis and the net NPA dropped by 39 bps from 1.70% to 1.31%, the bank said in a release.
Net interest income went up from Rs. 830.58 Crore to Rs. 882.28 Crore, registering a growth of 6.22% on Y-o-Y basis and the non Interest income went up from Rs. 355.77 Crore to Rs. 449.47 Crore, registering a growth of 26.34%.
Commenting on the performance, Mr. P R Seshadri, MD & CEO of the Bank stated that the strategy adopted by the Bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality asset across all verticals Corporate, Housing loan, Auto Loan, Personal Loan, Gold Loan etc.
He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile.
Capital adequacy of the Bank stood at 18.04% in September 2024 compared to 16.69% in September 2023. The Bank’s financial results include the financial results of its wholly owned subsidiary SIBOSL, the release said.
The retail deposit grew by Rs. 8,204 Crore from Rs. 93,448 Crore to Rs. 1,01,652 Crore, showing an increase of 8.78% on Y-o-Y basis, the bank said adding the NRI Deposit grew by Rs. 1,703 Crore from Rs. 28,785 Crore to Rs. 30,488 Crore, showing an increase of 5.92%.
UNI SKB CS1835
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Tags: #South Indian Bank net up over 18 pc in Q2 at Rs 325 crore
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