South Indian Bank Q1 net falls 6.5% on higher provisions
South Indian Bank's first quarter gross non-performing asset (NPA) increased 21 basis points quarter-on-quarter to 1.57 percent and net NPA rose by 34 basis points Q-o-Q to 1.12 percent.
July 12, 2013 / 20:47 IST
Moneycontrol Bureau
Privately held
South Indian Bank's first quarter (April-June) net profit fell 6.5 percent year-on-year to Rs 115 crore due to higher provisions. However, the net interest income or the difference between interest earned and paid out, increased more than 10 percent to Rs 328 crore. Provisions and contingencies surged to Rs 105 crore compared with Rs 25 crore a year back. However, the other income component came as a saviour for the lender. It jumped 57 percent to Rs 118 crore during the quarter. Also read: Here's how South Indian Bank expects to grow in FY14The bank expanded its loan book by 15 percent to around Rs 31,500 crore. The
gross non-performing asset (NPA) ratio rose to 1.52 perecent as against 1.08 percent a year back. Net NPA ratio shot up to 1.12 percent compared with 0.35 percent. Deposits grew more than 17 percent to about Rs 43,600 crore. The share of current and savings account (CASA) rose by 14 percent to around Rs 9,000 crore. South Indian Bank on Friday fell more than 3 percent to close at Rs 23 on NSE. Also Read - Expect stable NIMs, retail growth in FY14: IndusInd Banksaikat.das@network18online.com Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
