South Indian Bank Q4 net up 26% to Rs 154cr on other income

Moneycontrol Bureau

Private sector lender South Indian Bank's (SIB) fourth quarter (January-March) net profit rose more than 26 percent year-on-year to Rs 154 crore, driven by other income that shot up by 46 percent Y-o-Y to Rs 121 crore.
Net interest income or the difference between interest earned and paid out increased 17 percent Y-o-Y to Rs 334 crore.
Loans expanded about 17 percent Y-o-Y to Rs 31,816 crore. However, the rise in credit book came at the cost of some dent in asset quality. Gross non-performing asset (NPA) ratio rose to 1.36  as against 0.97 percent a year back. Net NPA ratio worsened from 0.28 percent to 0.78 percent during the same period.
Consequently, total provisions (including loans, investments and others) swelled significantly to Rs 66 crore compared with Rs 12 crore during the corresponding quarter of the previously year.
Despite a sluggish industry deposit growth (around 14 percent), the bank notched up 21 percent Y-o-Y growth in its deposits, currently stood at Rs 44,262 crore. A sizable chunk of its deposits generally comes from non-resident Indian customers. Also Read - Not hopeful of RBI action on money laundering: Cobrapost
Capital adequacy ratio stood at 13.91 percent versus 13.85 percent in the October-December quarter.
At 13:30 hours IST, South Indian Bank shares were quoting at Rs 24.35, up 1.50 percent on NSE.
saikat.das@network18online.com