South Indian Bank Q1 Profit Soars 45% on Lower Provisions
Jul 18, 2024 21:18
South Indian Bank reported a 45.29% jump in Q1 net profit to Rs 294 crore, driven by lower provisions and strong loan growth. Read more.
Mumbai, Jul 18 (PTI) South Indian Bank on Thursday reported a 45.29 per cent jump in its June quarter net profit at Rs 294 crore, helped by lower provisions.
The lender had posted a net profit of Rs 202 crore in the year-ago period, according to a statement.
Its core net interest income grew 7 per cent to Rs 808 crore, on the back of a 11 per cent growth in overall advances and 0.08 per cent decline in the net interest margin at 3.26 per cent. The other income grew 16.8 per cent to Rs 422 crore.
Overall deposits grew by 8.41 per cent to Rs 1.03 lakh crore.
The provisions were lower by 43 per cent to Rs 113 crore, which helped the bank widen its profit growth.
On the asset quality front, the proportion of gross non performing assets stood at 4.50 per cent as against the 5.13 per cent in the year-ago period.
Its overall capital adequacy stood at 18.11 per cent as on June 30, 2024.
The bank scrip closed 1.27 per cent down at Rs 26.50 apiece on the BSE, as against gains of 0.78 per cent on the benchmark.
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