Earlier this month, South Indian Bank had announced its business update for the September quarter, where its gross advances grew by 13.1% from last year to ₹84,741 crore, while its deposits increased by 8.6% year-on-year to ₹1,05,455 crore.
By Hormaz Fatakia October 16, 2024, 12:45:18 PM IST (Published)
South Indian Bank Ltd. reported its September quarter results on Wednesday, October 16. The lender reported an increase in its bottomline, while its asset quality also improved from the June quarter.
The bank’s Net Interest Income (NII) or the core income increased by 6.3% from last year to ₹882.7 crore from ₹830.6 crore last year.
Its net profit grew by 18.1% to ₹324.5 crore from ₹274.8 crore during the year-ago period. Other Income for the quarter also increased significantly to ₹449 crore from ₹355 crore last year.
South Indian Bank’s asset quality improved sequentially with Gross Non-Performing Assets (NPA) improving to 4.4% from 4.5% earlier, while its Net NPA also improved to 1.31% from 1.44% in the June quarter.
Provisions for the quarter remained flat at ₹110 crore from ₹113 crore in the June quarter.
Earlier this month, South Indian Bank had announced its business update for the September quarter, where its gross advances grew by 13.1% from last year to ₹84,741 crore, while its deposits increased by 8.6% year-on-year to ₹1,05,455 crore.
CASA Ratio at the end of the September quarter stood at 31.85% from 32.03% earlier.
Shares of South Indian Bank have recovered from the lows of the day post the result announcement and are currently trading 3.3% higher at ₹24.77. The stock has remained flat so far this year.
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