South Indian Bank Q3 FY 23: Profit soars 197% YoY to Rs 305 cr
Thrissur (Kerala): Private sector lender South Indian Bank reported a net profit Rs 305.36 crore in Q3 FY 24, demonstrating a remarkable surge of 197.19% from Rs 102.75 crore in Q3 FY 23.
In the third quarter of fiscal year 2024, the operating profit of the bank witnessed a substantial increase of 137.87%, rising from Rs 203.24 crore in Q3 FY 23 to Rs. 483.45 crore in Q3 FY 24.
On a year-on-year basis, the Gross Non-Performing Assets (GNPA) decreased by 74 basis points, from 5.48% to 4.74%, while the Net Non-Performing Assets (NNPA) showed a decline of 65 basis points, moving from 2.26% to 1.61%.
Return on Equity for the quarter witnessed an improvement of 996 basis points, increasing from 6.42% to 16.38% on a year-on-year basis.
Return on Assets for the quarter experienced a rise of 68 basis points, moving from 0.39% to 1.07% year-on-year.
The Provision Coverage Ratio (PCR) also demonstrated improvement, increasing by 346 basis points from 74.51% in Q3 FY 23 to 77.97% in Q3 FY 24.
Regarding deposits, retail deposits increased by Rs. 6,428 crore, from Rs. 88,660 crore to Rs. 95,088 crore year-on-year, representing a growth of 7.25%.
NRI deposits also grew by Rs. 1,272 crore, from Rs. 27,964 crore to Rs. 29,236 crore, showing a year-on-year increase of 4.55%.
The Current Account Savings Account (CASA) exhibited a 2.83% year-on-year growth, with Savings Bank and Certificate of Deposit (CD) growing by 2.81% and 2.96%, respectively.
In the advances segment, gross advances increased by Rs. 7,569 crore, from Rs. 70,117 crore to Rs. 77,686 crore, indicating a growth of 10.80% year-on-year.
The corporate segment witnessed a significant increase of Rs. 7,718 crore, growing from Rs. 22,174 crore to Rs. 29,892 crore, marking a year-on-year increase of 34.81% in well-rated borrower accounts.
A noteworthy share of A and above rated accounts in large corporate segments stood at 96%.
The Personal Loan book showed a growth of Rs. 578 crore, from Rs. 1,609 crore to Rs. 2,186 crore, reflecting a year-on-year increase of 35.91%.
The Gold Loan portfolio also experienced growth, increasing by Rs. 2,316 crore, from Rs. 13,053 crore to Rs. 15,369 crore, indicating a year-on-year increase of 17.74%.
The bank said over 3,77,000 Credit Cards were issued, with an outstanding book of Rs. 1427 crore as of December 2023.
The bank’s financial results include the financial results of its wholly-owned subsidiary SIBOSL.
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