South Indian Bank net profit up 20 per cent

South Indian Bank net profit up 20 per cent

Agency News

The South Indian Bank (SIB) on Thursday reported a 20.5 per cent rise in net profit at Rs.84.48 crore in the second quarter ended September 2019 on the back of healthy core income.

The focus on retail, MSME and agriculture advances enabled Kerala-based South Indian Bank register a 20 per cent growth in net profit at ₹84.48 crore in Q2 against ₹70.13 crore in the corresponding period of the previous fiscal.

The bank's total income rose to Rs.2, 203.18 crore in July-September period as against Rs.1, 854.40 crore in the same quarter last year. Operating profit for the quarter grows to Rs 411.45 crore.

Interest income stood at Rs.1, 953.97 crore during the quarter as against Rs.1, 696.51 a year ago, the bank said in a regulatory filing. On the asset front, the gross non-performing assets (NPA) saw a modest rise to 4.92 per cent of the gross advances as on September 30, 2019 from 4.61 per cent a year ago.

In absolute terms, gross NPAs were at Rs.3,145.20 crore as compared with Rs.2,646.15 crore a year ago.