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.
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