South Indian Bank Q3 net profit rises 3.2% to Rs115 crore
Mumbai: South Indian Bank Ltd on Tuesday reported a 3.25% marginal rise in net profit for its December quarter as it provided less provisions for bad loans.
Net profit for the quarter was Rs115 crore against Rs111.38 crore a year ago. In the September quarter, its profit plummeted over 96% due to a 120% jump in its provisions.
For the December quarter, its provisions and contingencies declined 25.34% to Rs154.28 crore from Rs206.63 crore a year ago. On quarter-on-quarter basis, it fell 66% from Rs453.68 crore.
Net interest income (NII), or the core income a bank earns by giving loans, increased 22% to Rs509.39 crore versus Rs417.52 crore last year. Other income was Rs158.81 crore, down 38.57% from Rs258.51 crore a year ago.
Gross non-performing assets (NPAs) fell 0.7% to Rs1,774.59 crore at the end of the December quarter from Rs1,786.98 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 3.4% as compared to 3.57% in the previous quarter and 3.98% in the year-ago quarter. Net NPAs were at 2.35% in the December quarter compared to 2.57% in the previous quarter and 2.52% in the same quarter last year.
At 12.44pm, South Indian Bank shares were trading at Rs34.10 on the BSE, up 0.7% from its previous close, while benchmark Sensex index gained 0.11% to 34,392.08 points.