South Indian Bank Q2 Profit up 18.15%, Operating Profit Grows 19.51%

Key Highlights

• Operating profit for the quarter increased by 19.51% from Rs. 460.44 Cr. in Q2 FY 24 to Rs. 550.25 Cr. in Q2 FY 25
• Net profit of the Bank for quarter is up by 18.15% from Rs. 274.81 Cr. in Q2 FY 24 to Rs. 324.69 Cr. in Q2 FY 25
• Gross NPA came down by 56 bps from 4.96% to 4.40% on Y-o-Y basis
• Net NPA dropped by 39 bps from 1.70% to 1.31% on Y-o-Y basis
• Net interest income went up from Rs. 830.58 Crore to Rs. 882.28 Crore, registering a growth of 6.22% on Y-o-Y basis
• Non Interest income went up from Rs. 355.77 Crore to Rs. 449.47 Crore, registering a growth of 26.34% on Y-o-Y basis
• Return on Assets increased by 10 bps from 0.97% to 1.07% Y-o-Y basis
• PCR excl. write off increased by 447 bps from 66.77% to 71.24% Y-o-Y basis
• PCR including write off increased by 290 bps from 77.82% to 80.72% Y-o-Y basis

Deposits

• Retail Deposit grew by Rs. 8,204 Crore from Rs. 93,448 Crore to Rs. 1,01,652 Crore, showing an increase of 8.78% on Y-o-Y basis
• NRI Deposit grew by Rs. 1,703 Crore from Rs. 28,785 Crore to Rs. 30,488 Crore, showing an increase of 5.92% on Y-o-Y basis
• CASA grew by 7.81% on Y-o-Y basis with growth in Savings Bank by 4.44% and Current Account by 25.02% respectively 

Advances 

• Gross advances grew by Rs. 9,767 Crore from Rs. 74,947 to Rs. 84,714 Crore, showing  an increase of 13.03% on Y-o-Y basis
• Corporate Segment went up by Rs. 6,470 Crore from Rs. 27,491 Crore to Rs. 33,961 Crore, showing an increase of 23.54% on Y-o-Y basis
• Share of A and above rated accounts in large corporate segment grew from 96.1% to 99.6% on Y-o-Y basis
• Personal Loan book grew by Rs. 190 Crore from Rs. 2,107 Crore to Rs. 2,297 Crore, showing an increase of 9.02% on Y-o-Y basis
• Gold Loan portfolio went up by Rs. 1,611 Crore from Rs. 14,998 Crore to Rs. 16,609 Crore, showing an increase of 10.74% on Y-o-Y basis
• Housing Loan grew by Rs. 2,090 crore from Rs. 4,982 Crore to Rs. 7,072 Crore registering a growth of 41.94%
• Vehicle Loan grew by 18.11%  Y-o-Y from Rs. 1,548 Crore to Rs. 1,828 Crore

Mr. P R Seshadri, MD & CEO of the Bank, while announcing the results, stated that the strategy adopted by the Bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality asset across all verticals Corporate, Housing loan, Auto Loan, Personal Loan, Gold Loan etc.

He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile. Capital adequacy of the Bank stood at 18.04% in September 2024 compared to 16.69% in September 2023. The Bank’s financial results include the financial results of its wholly owned subsidiary SIBOSL.

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