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South Indian Bank posts Rs 102 crore net profit in October-December quarter

The Thrissur-headquartered lender had reported a loss of Rs 50.31 crore in the year-ago period, while its profit for the preceding September quarter had stood at Rs 223 crore.

January 24, 2023 / 10:25 PM IST
The bank's core net interest income jumped 44 per cent to Rs 825 crore during the reporting quarter

The bank's core net interest income jumped 44 per cent to Rs 825 crore during the reporting quarter

South Indian Bank on January 24 reported a net profit of Rs 102.75 crore, restricted by money set aside as ageing provisions for security receipts as per a regulatory mandate.

The Thrissur-headquartered lender had reported a loss of Rs 50.31 crore in the year-ago period, while its profit for the preceding September quarter had stood at Rs 223 crore.

Its chief executive and managing director Murali Ramakrishnan said the bank decided to take a provision of Rs 312 crore for the quarter because of a December 4, 2022. RBI circular asking lenders to do ageing provisions for security receipts (SRs) dating before 2017.

He said since 2004, the bank had sold non-performing assets of Rs 1,955 crore to asset reconstruction companies, of which the balance volume after redemptions had stood at Rs 1,455 crore for which the provision had to be done.