Kochi: South Indian Bank posted good net profit in the first quarter of the current financial year. The bank earned a profit of Rs 294 crore with an annual increase of 45 percent. 202 crore during the same period last year. The bank's operating profit also increased to Rs 507.68 crore for the quarter ended June 30, 2024 from Rs 490.24 crore in the previous year. The growth is 3.56 percent.

Gross non-performing assets decreased by 63 points to 4.50 percent from 5.13 percent in the previous year. The bank also managed to reduce net non-performing assets by 41 points to 1.44 percent from 1.85 percent. Return on equity rose to 12.90 percent from 11.80 percent on an annualized basis. Return on assets increased to 1.00 percent from 0.73 percent.

Net interest income increased by 7.18 percent to Rs 865.77 crore. The provisioning ratio excluding write-offs rose to 69.05 per cent from 65.15 per cent. The disposal ratio including write-offs increased from 76.54 percent to 79.22 percent.

Retail investments increased by 8.37 percent to Rs 99,745 crore. Non-resident (NRI) investment increased by 6.06 percent to Rs 30,102 crore. 28,382 crore in the same period last year. CASA (Current Account and Savings Account) deposits increased by 6.51 percent compared to the previous year. Savings bank deposits increased by 4.87 percent and current account deposits by 14.80 percent.

A year-on-year growth of 11.44 percent was achieved in loan disbursement. From Rs 74,102 crore to Rs 82,580 crore. Corporate loans rose by 23.48 per cent year-on-year to Rs 33,984 crore from Rs 27,522 crore. Of these, the share of accounts rated A and above increased from 94 percent to 96 percent year-on-year. Personal loans increased from Rs 1,935 crore to Rs 2,312 crore and gold loans increased to Rs 16,317 crore from Rs 14,478 crore. Annual growth of gold loans is 12.70 percent.

“All the policy decisions taken by the bank for business growth have been executed well. The bank has recorded good growth in all sectors like corporate, auto loan, credit card, gold loan. The bank also aims to generate profit through qualitative loan growth by granting new loans to all those with a good track record.”- South Indian Bank MD and CEO PR Seshadri said.

The capital adequacy ratio of the bank is 18.11 percent. These financial results of the Bank also include the financial results of SIBOSL, which is wholly owned by the Bank.