2024-10-16 16:29:14 :
South Indian Bank reported profit growth of 18% in the second quarter ended September 2024, with earnings reaching $325 crores. In comparison, the bank’s net profit was $275 crore in the same period last year.
Total bank income increased to $2,804 crore in the quarter, higher than $2,485 crore in the same period last year, according to its regulatory filings.
Interest income for the quarter was $2,355 crore, compared to Rs. $2,129 crore in the same period last year.
The bank also managed to reduce gross non-performing assets (NPA) to 4.40% of total loans by September 2024 from 4.96% a year ago. Likewise, net non-performing assets declined to 1.31 per cent as compared to 1.70 per cent at the end of the second quarter of the previous fiscal.
NII and NPA
The bank’s net interest income (NII), or core income, rose 6.3% compared with the previous year to $882.7 Crores Rs. $830.6 Crores.
South Indian Bank’s asset quality improved on a sequential basis, with gross non-performing assets (NPA) falling to 4.4% from 4.5% and net NPA falling to 1.31% from 1.44% in the June quarter.
Provisions remain stable in the quarter $1.1 billion, slightly less than $113 crore in the previous quarter.
Earlier this month, the bank shared a business update for the September quarter, reporting a 13.1% year-on-year increase in total advances $84,741 crore, deposits grew by 8.6% to $1,05,455 Crores.
The CASA ratio at the end of the September quarter was 31.85%, compared with 32.03% in the previous quarter.
Following the results, South Indian Bank shares rebounded from session lows and are currently up 3.3% at $24.77. The stock has been relatively flat so far this year.
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