South Indian Bank posts ₹305 crore net profit in Q3 FY24

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South Indian Bank has registered a net profit of ₹305.36 crore for Q3 FY24 compared with ₹102.75 crore in Q3 FY23, registering a growth of 197 per cent.

Operating profit for the quarter increased by 138 per cent to ₹483.45 crore from ₹203.24 crore in Q3 FY23. GNPA came down by 74 bps from 5.48 per cent to 4.74 per cent on a y-o-y basis, while NNPA came down by 65 bps from 2.26 per cent to 1.61 per cent on a y-o-y basis.

The return on equity for the quarter improved by 996 bps, from 6.42 to 16.38 per cent on a y-o-y basis. Return on assets for the quarter increased by 68 bps from 0.39 to 1.07 per cent on a y-o-y basis. Provision Coverage Ratio improved by 346 bps from 74.51 in Q3 FY 23 to 77.97 per cent in Q3 FY 24.

Retail deposits grew by ₹6,428 crore from ₹88,660 crore to ₹95,088 crore. CASA grew by 2.83 percent, savings bank grew by 2.81 per cent and CD grew by 2.96 per cent respectively.

PR Seshadri, MD & CEO, said 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 asset 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 on board fresh advances with a low-risk profile. The capital adequacy of the bank stood at 15.60 per cent in December 2023, he said.