Indian private sector lender South Indian Bank has reported a better-than-expected growth of 25.3 percent year-on-year in net profit at Rs 128.2 crore for the third quarter of current financial year 2012-13, helped by reduced non-performing assets.
Net interest income rose 28.7 percent to Rs 352.6 crore in the October-December quarter of 2012 from Rs 274 crore in a year ago period.
Gross non-performing assets (NPA) fell by 12 basis points QoQ to 1.62 percent while net NPAs slipped by 18 basis points to 0.68 percent in the quarter.
Gross NPAs declined to Rs 474.5 crore in the third quarter as against Rs 495.8 crore in previous quarter while net NPAs went down to Rs 196.6 crore as against Rs 242 crore during the same period.
Provisions against bad loans doubled in the quarter to Rs 46 crore from Rs 23.7 crore on quarter-on-quarter basis. Capital adequacy ratio was 13.85 percent in the quarter ended December 2012 as against 14.43 percent in previous quarter.
At 11:44 hours IST, the stock climbed 3.53 percent to Rs 29.35 on Bombay Stock Exchange.
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