South Indian Bank Q2 net profit down 40% at Rs76 crore1 min read . Updated: 21 Oct 2014, 09:11 PM IST
Bank's total income increases to `1,405.95 crore in September quarter, up from `1,306.73 crore year ago
New Delhi: South Indian Bank on Tuesday reported a 40% drop in net profit to ₹ 76.3 crore in the second quarter ended 30 September due to rise in provisioning towards bad assets.
The bank had logged net profit of ₹ 126.75 crore during the same quarter in the previous fiscal.
Total income of the private lender increased to ₹ 1,405.95 crore during the quarter under review, up from ₹ 1,306.73 crore a year ago, the bank said in a BSE filing.
Bank’s provisioning and contingencies jumped to ₹ 95.71 crore in the second quarter of 2014-15, up from ₹ 19.76 crore in the year ago period.
On the asset front, its net non-performing assets (NPAs) came down to 0.9% during July-September from 1.39% year ago.
Shares of the bank on Tuesday closed at ₹ 25.40 apiece on the BSE, down 3.79% from the previous close.