South Indian Bank reported a significant increase in its net profit for the first quarter of the fiscal year, achieving a 45.07 per cent rise to Rs 293.9 crore compared to Rs 202.58 crore in the same period last year, according to a filing on July 18.
The net profit for the June quarter also showed a marginal growth of 2.3 per cent from the Rs 287.33 crore posted in the March quarter.
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The bank’s asset quality improved, with gross non-performing assets (GNPA) declining by 63 basis points to 4.5 per cent from 5.13 per cent year-over-year. Additionally, the net NPA decreased by 41 basis points to 1.44 per cent from 1.85 per cent.
Net interest income saw a 7.17 per cent YoY growth, rising from Rs 807.77 crore to Rs 865.77 crore.
The bank’s retail deposits surged by Rs 7,702 crore to Rs 99,745 crore during the quarter, marking an 8.37 per cent increase year-over-year.
PR Seshadri, MD & CEO of South Indian Bank, credited the bank’s strategy for enabling its robust business performance.
