South Indian Bank Q2 net profit rises 18.36% to Rs110.52 crore

South Indian Bank’s net interest income increased 14.63% to Rs445.18 crore from Rs388.35 crore in the corresponding period last year


South Indian Bank’s gross NPAs, as a percentage of total advances, were at 3.96% in the quarter compared with 2.24% in the year-ago quarter. Photo: Mint
South Indian Bank’s gross NPAs, as a percentage of total advances, were at 3.96% in the quarter compared with 2.24% in the year-ago quarter. Photo: Mint

Mumbai: South Indian Bank Ltd on Friday said its second-quarter net profit rose 18.36% on the back of higher other income.

Net profit rose to Rs110.52 crore for the three months ended 30 September from Rs93.38 crore in the same quarter last year.

Profit was higher than the Rs105.10 crore estimated by a Bloomberg poll of two analysts.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 14.63% to Rs445.18 crore from Rs388.35 crore in the corresponding period last year.

Other income, which includes core fee income, rose 20.37% to Rs145.90 crore in the three months ended 30 September from Rs121.21 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 3.96% in the quarter compared with 2.24% in the year-ago quarter.

Despite this, the bank increased provisions during the quarter to Rs128.33 crore as against Rs67.47 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs114.11 crore in provisions.

Post-provision, the net NPA ratio was at 2.77% against 1.39% in the year-ago period.

Shares of South Indian Bank fell 3.23% to close at Rs23.95 per share, while the benchmark Sensex index lost 0.16% to close 28,061.14 points.

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