South Indian Bank Q2 profit rises 18% to Rs 325 crore; stock surges 4%

South Indian Bank Q2 profit rises 18% to Rs 325 crore

South Indian Bank on Wednesday posted an 18 per cent increase in profit at Rs 325 crore in the second quarter ended September 2024.

The private sector lender had posted a net profit of Rs 275 crore in the same quarter a year ago.

Following the announcement, shares of the bank surged 4 percent, trading at Rs 24.77 apiece at 1:30 pm.

Total income increased to Rs 2,804 crore during the quarter under review, as against Rs 2,485 crore in the same period last year, South Indian Bank said in a regulatory filing.

The bank earned an interest income of Rs 2,355 crore during the quarter, compared to Rs 2,129 crore in the same period a year ago.

The bank was able to reduce gross Non-Performing Assets (NPAs) to 4.40 per cent of the gross loans by the end of September 2024, from 4.96 per cent a year ago.

Similarly, net NPAs or bad loans came down to 1.31 per cent, from 1.70 per cent at the end of the second quarter of the previous fiscal.