South Indian Bank Q3 Results: Profit rises 9% YoY to Rs 374 crore as asset quality improves
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Operating profit stood 10.4% higher at Rs 584 crore against Rs 529 crore, backed by a 19% year-on-year surge in non-interest income at Rs 486 crore. Net interest income stood 1.3% higher at Rs 881 crore.
The Thrissur-headquartered private sector lender managed to improve its asset quality further with gross non-performing assets falling to 2.7% at the end of December last year from 4.3% a year prior. Net NPA was at 0.45% against 1.25%.
The bank’s gross advances grew 11% year-on-year to Rs 96,764 crore at the end of December last year. Gold loan business, which accounted for 22% of the gross advances, expanded 26% to Rs 20,952 crore. Corporate loan segment with 40% weightage rose 10% to Rs 38,353 crore.
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