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South Indian Bank Sets a New Record with a 9-month Net Profit of Rs. 782.52 Crore
Published on January 18, 2024
South Indian Bank declared Net Profit of Rs. 305.36 Cr for Q3 FY 23-24 registering a growth of 197.19% compared to Rs. 102.75 Cr in Q3 FY 22-23.
Key Highlights
Operating profit for the quarter increased by 137.87% from Rs. 203.24 Cr in Q3 FY 23 to Rs. 483.45 Cr in Q3 FY 24
Net profit of the Bank for quarter increased by 197.19% from Rs. 102.75 Cr in Q3 FY 23 to Rs. 305.36 Cr in Q3 FY 24
GNPA came down by 74 bps from 5.48% to 4.74% on Y-o-Y basis
NNPA came down by 65 bps from 2.26% to 1.61% on Y-o-Y basis
Return on Equity for the quarter improved by 996 bps from 6.42% to 16.38% Y-o-Y basis
Return on Assets for the quarter increased by 68 bps from 0.39% to 1.07% Y-o-Y basis
Provision Coverage Ratio (PCR) improved by 346 bps from 74.51% in Q3 FY 23 to 77.97% in Q3 FY 24
Deposits
Retail Deposit grew by Rs. 6,428 Crore from Rs. 88,660 Crore to Rs. 95,088 Crore Y-o-Y showing an increase of 7.25% on Y-o-Y basis
NRI Deposit grew by Rs. 1,272 Crore from Rs. 27,964 Crore to Rs. 29,236 Crore Y-o-Y showing an increase of 4.55% on Y-o-Y basis
CASA grew by 2.83% on a Y-o-Y basis with growth in Savings Bank by 2.81% and CD by 2.96% respectively
Advances
Gross advances grew by Rs. 7,569 Crore from Rs. 70,117 to Rs. 77,686 Crore showing an increase of 10.80% on Y-o-Y basis
Corporate Segment grew by Rs. 7,718 Crore from Rs. 22,174 Crore to Rs. 29,892 Crore showing an increase of 34.81% on Y-o-Y basis, in well rated borrower accounts
Share of A and above rated accounts in large corporate segments stood at 96%
Personal Loan book grew by Rs. 578 Crore from Rs. 1,609 Crore to Rs. 2,186 Crore showing an increase of 35.91% on Y-o-Y basis
Gold Loan portfolio grew by Rs. 2,316 Crore from Rs. 13,053 Crore to Rs. 15,369 Crore showing an increase of 17.74% on Y-o-Y basis
More than 3,77,000+ Credit Cards were issued with outstanding book of Rs. 1427 Crore as at December 2023
Y-o-Y growth
Net Profit after tax
305.36
102.75
202.61
197.2%
Mr. P R Seshadri, MD & CEO of the Bank, while announcing the results, stated that the strategy adopted by the Bank continues to enable the business performance. During the period, 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.
He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile.
Capital adequacy of the Bank stood at 15.60% in December 2023.
The Bank’s financial results include the financial results of its wholly owned subsidiary SIBOSL.