Trivandrum: The Thrissur-based private sector South Indian Bank has declared a net profit of Rs. 275 crores for the second quarter of this financial year (Q2 FY 2023-24) registering a growth of 23.2% as compared to Rs. 223 crores during the same period in the last fiscal.
Giving details while announcing the results, P R Seshadri, MD & CEO of South Indian Bank said, “Operating profit for the quarter increased by 8.2% from Rs. 426 Cr in Q2 FY 23 to Rs. 460 Cr in Q2 FY 24. GNPA came down by 71 bps from 5.67% to 4.96% on a Y-o-Y basis. NNPA dropped by 81 bps from 2.51% to 1.70% on a Y-o-Y basis. Net interest income went up from Rs. 726 Crores to Rs. 830 Crores registering a growth of 14.3% on a Y-o-Y basis. NIM improved by 35 bps from 2.98% to 3.33% on a Y-o-Y basis. The Return on Equity improved by 262 bps from 10.81% to 13.43% Y-o-Y basis. The Return on Assets increased by 20 bps from 0.65% to 0.85% on a Y-o-Y basis. Recovery and upgradation in NPA accounts increased from Rs. 374 Cr in Q2 FY23 to Rs. 475 Cr in Q2 FY24.”
The CEO who took charge recently (on 01 October 2023) added that the strategy adopted by the Bank during the tenure of the previous CEO continues to enable the business performance. During the period, the Bank registered growth in all the desired segments with a focus on quality assets across all verticals Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan etc. In line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could onboard fresh advances with a low-risk profile of around 64% of its advances portfolio since October 2020 amounting to Rs. 48,246 Crore with a GNPA of only 0.18%.
Salim Gangadharan, Chairman of the Bank, Board members and senior officials were present during the press conference held in Thiruvananthapuram.
South Indian Bank has 944 branches, 3 Ultra Small Branches, 3 Satellite branches, 1180 ATMs and 130 CDMs/CRMs across India and a representative office in Dubai, UAE.
Anil Philip
Kerala Biz News