South Indian Bank profit dips 38% to Rs87 crore1 min read . Updated: 20 Jan 2015, 10:07 PM IST
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.