![](https://www.cityplusnews.in/wp-content/uploads/2023/10/South-Indian-Bank-delivers-net-profit-of-Rs-275-cr-for-Q2-FY24.jpg)
Thiruvananthapuram, Oct 20: South Indian Bank has declared a net profit of Rs 275 crore for Q2 FY 2023–24, registering a growth of 23.2% compared to Rs 223 crore in Q2 FY 2022–23.
Operating profit for the quarter increased by 8.2% from Rs 426 crore in Q2 FY23 to Rs 460 crore in Q2 FY24.
The net profit of the bank for the quarter is up by 23.2% from Rs. 223 crore in Q2 FY23 to Rs. 275 crore in Q2 FY24.
GNPA came down by 71 bps from 5.67% to 4.96% on a year-over-Y basis. NNPA dropped by 81 bps from 2.51% to 1.70% on a year-over-Y basis. Net interest income went up from Rs 726 crore to Rs 830 crore, registering a growth of 14.3% on a year-over-Y basis.
NIM improved by 35 bps from 2.98% to 3.33% on a year-over-Y basis. Return on Equity increased by 262 basis points year on year, from 10.81% to 13.43%. Return on Assets increased by 20 basis points year on year, from 0.65% to 0.85%. Recovery and upgrade in NPA accounts increased from Rs. 374 crore in Q2 FY23 to Rs. 475 crore in Q2 FY24.
Retail Deposit grew by Rs 6,337 crore from Rs 87,111 crore to Rs 93,448 crore Y-o-Y, showing an increase of 7.3% on a Y-o-Y basis. NRI Deposit grew by Rs. 1,285 crore from Rs 27,500 crore to Rs 28,785 crore Y-o-Y, showing an increase of 4.7% on a Y-o-Y basis.
CASA grew by 1.8% on a year-over-Y basis, with growth in Savings Bank by 1.8% and CD by 1.7%, respectively. Gross advances grew by Rs 6,984 crore from Rs 67,963 to Rs 74,947 crore, showing an increase of 10.3% on a year-over-Y basis.
Corporate segment went up by Rs 6,859 crore from Rs 20,632 crore to Rs 27,491 crore, showing an increase of 33.2% on a year-over-Y basis in well-rated borrower accounts.
Shares of A and above-rated accounts in large corporate segments stood at 96.1%. The personal loan book grew by Rs. 684 crore from Rs 1,423 crore to Rs 2,107 crore, showing an increase of 48.1% on a year-over-Y basis.
The gold loan portfolio went up by Rs 2,087 crore from Rs 12,911 crore to Rs 14,998 crore, showing an increase of 16.2% on a year-over-Y basis.
More than 3,32,000+ credit cards were issued with an outstanding book of Rs 1,164 crore as of September 2023.
P. R. Seshadri, MD and CEO of the bank, stated while announcing the results that the strategy adopted by the bank continues to enable 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.
He also stated that, 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%.
The capital adequacy of the bank stood at 16.69% in September 2023, compared to 16.04% in September 2022.
The bank’s financial results include the financial results of its wholly owned subsidiary, SIBOSL.
About the South Indian Bank South Indian Bank is a leading Kerala-based private sector bank with a nationwide presence.
The bank’s shares are listed on the Stock Exchange of Mumbai (BSE) and the National Stock Exchange of India Ltd., Mumbai (NSE). South Indian Bank has 944 branches, 3 ultra-small branches, 3 satellite branches, 1180 ATMs, and 130 CDMs and CRMs across India, with a representative office in Dubai, UAE.
South Indian Bank is a pioneer in technology-based banking, offering an array of digital products and services. It has one of the youngest workforces in the banking sector in the country. The bank’s Vision 2025 focuses on the 6 Cs: capital, CASA, cost-to-income, competency building, customer focus, and compliance.