On Tuesday, January 21, South Indian Bank Ltd. released the results for the October–December quarter. In addition to reporting a higher bottom line, the lender's asset quality increased from the September quarter prior.
In comparison to the same time last year, the lender's net profit increased by 12% to Rs.342 crore from Rs.305 crore. Additionally, the quarter's total income climbed to Rs. 2,818 crore, a 7% rise over the Rs.2,636 crore recorded in the same quarter last year.
The bank's core income, or Net Interest Income (NII), rose from Rs.819 crore to Rs869 crore, a 6% increase from the previous year. NII fell 1.5% sequentially from Rs.882 crore in the September quarter.
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With Gross Non-Performing Assets (NPA) rising from 4.40% to 4.30% and Net NPA rising from 1.31% to 1.25% in the previous quarter, South Indian Bank's asset quality improved sequentially.
The lender's deposits totaled Rs.1.05 crore, down 0.06% from quarter to quarter but up 6.3% from year to year. At Rs.84,396 crore, advances increased 2.7% from quarter to quarter and 12% from year to year.
The quarter's provisions increased 36% year over year to ₹66 crore. On a sequential basis, though, it dropped 40%.
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