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SIB Q3 NII up 34% to Rs 273cr
South Indian Bank’s (SIB) third quarter (October-December) net profit shot up by 32% year-on-year to Rs 280 crore meeting analysts’ expectations. With this, the lender has recorded the highest ever quarterly profit.
South Indian Bank's (SIB) third quarter (October-December) net profit shot up by 32% year-on-year to Rs 280 crore meeting analysts' expectations. With this, the lender has recorded the highest ever quarterly profit. It is also planning to raise Rs 1,000 crore capital through qualified institutional placement (QIP) in the first quarter of the next financial year 2012-13.
The SIB's loan book expanded by more than 30% to Rs 25,050 crore in Q3. The share of coporate loans is at 55% of the total book. During the quarter, the bank has added Rs 5,000 crore (both to companies and individuals) to its book. The net interest income or the difference between interests earned and paid out rose by nearly 34% to Rs 273 crore. NIM inched up to 3.05% from 3.03% recorded in the July-September quarter.
Bucking the trend of worsening asset quality, the bank has shown resilience on this count. Its gross non-performing asset (NPA) ratio has improved from 0.99% to 0.94% sequentially while net NPA ratio was little changed at 0.24% during the three months period.
