South Indian Bank Q1 profit surges 46% to Rs95 crore

South Indian Bank posted a 45.7% jump in net profit at Rs95 crore for the June quarter of 2016-17 despite a jump in bad loans


A screen grab of South Indian Bank website
A screen grab of South Indian Bank website

New Delhi: Private lender South Indian Bank on Friday posted a 45.7% jump in net profit at Rs95 crore for the June quarter of 2016-17 despite a jump in bad loans.

The bank’s net profit stood at Rs65.2 crore in the same quarter of the previous fiscal. The total income of the bank also increased to Rs1,620.7 crore during the April-June quarter, from Rs1,480.5 crore in the same period of the last fiscal, South Indian Bank said in a regulatory filing to the stock exchanges.

Gross non-performing assets (NPAs), as a proportion of advances, deteriorated to 3.96% in the first quarter as against 1.85% in the same period last fiscal.

Net NPAs also rose to 2.89%, from 1.21% at the end of June 2015. At the same time, provisioning for bad loans increased to Rs114.1 crore in the June quarter, from Rs79.5 crore in the same period last fiscal.

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