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South Indian Bank’s provisions towards bad loans and contingencies rose to Rs85.97 crore during the December quarter of FY2015, up from Rs2.02 crore a year earlier. Photo: Mint
South Indian Bank’s provisions towards bad loans and contingencies rose to Rs85.97 crore during the December quarter of FY2015, up from Rs2.02 crore a year earlier. Photo: Mint

South Indian Bank profit dips 38% to Rs87 crore

Total income rises from `1,334.74 crore to `1,467.13 crore in December quarter

New Delhi: South Indian Bank has registered a 38% dip in its net profit at 87.93 crore for the October-December quarter of this fiscal due to a steep hike in provisions for bad loans.

The bank had posted net profit of 141.31 crore in the corresponding period of the previous fiscal (2013-14).

“Total income has increased from 1,334.74 crore for the quarter ended December 31, 2013 to 1,467.13 crore for the quarter ended December 31, 2014," the bank said in a filing to the BSE.

Provisions towards bad loans and contingencies rose to 85.97 crore during the quarter, up from 2.02 crore a year earlier. Its gross non-performing assets (NPAs) were at 1.8% in third quarter of FY2015 from 1.66% a year ago.

Net NPAs stood at 1.04% of the total advances, over 1.18% in the previous fiscal Q3.

South Indian Bank shares closed at 29.30 per share on Tuesday 3.93% lower than its previous close.

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