South Indian Bank Ltd. announced its financial results for the September quarter, reporting a solid rise in net profit, supported by an increase in other income and improvements in asset quality.
The bank’s Net Interest Income (NII), or core income, grew by 6.3% year-on-year to ₹882.7 crore, up from ₹830.6 crore in the same period last year. Net profit saw an 18.1% jump, reaching ₹324.5 crore compared to ₹274.8 crore in the corresponding quarter a year ago. Other income also posted a significant increase, rising to ₹449 crore from ₹355 crore year-on-year.
Asset quality displayed sequential improvement, with Gross Non-Performing Assets (NPA) decreasing to 4.4% from 4.5% in the previous quarter, while Net NPA also improved, declining to 1.31% from 1.44% in the June quarter. Provisions for the quarter held steady at ₹110 crore, down slightly from ₹113 crore in the previous quarter.
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In its recent business update, South Indian Bank highlighted a 13.1% year-on-year growth in gross advances, which rose to ₹84,741 crore, while deposits increased by 8.6% to ₹1,05,455 crore. The bank’s CASA Ratio stood at 31.85%, slightly down from 32.03% in the previous quarter.
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