BackSouth Indian Bank profit up 10% in June quarter
The bank reported a net profit of `126.65 crore, up from `115 crore in the same quarter a year ago
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Mumbai: Thrissur-based South Indian Bank Ltd on Wednesday reported a 10% increase in net profit of ₹ 126.65 crore for the April-June period, up from ₹ 115 crore in the same quarter a year ago.
The bank’s net interest income (NII) for the three-month period was up 4% at ₹ 341 crore from ₹ 328 crore in the same quarter last year. Other income increased to ₹ 121 crore from ₹ 117 crore last year.
The profit was helped by a 10% drop in provisions for bad loans which decreased to ₹ 95 crore from ₹ 105 crore last year.
Provisions dropped despite a rise in non performing assets versus the quarter ended March. Net non performing assets increased to 0.91% from 0.78% in the quarter ended March.
At 3.32pm, South Indian Bank stock was trading at ₹ 32.70 a share, down nearly 2.97% on BSE even as the benchmark 30-share Sensex was up 0.50% at 25,350.81 points.
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