Moneycontrol
Last Updated : Jan 09, 2018 01:48 PM IST | Source: Moneycontrol.com

South Indian Bank Q3 net profit at Rs 115 crore, NII rises to Rs 509.4 crore

The gross non-performing assets were reported at 3.4 percent against 3.57 percent in the previous quarter, while the net NPA percentage came in at 2.35 percent. The September quarter saw this at 2.57 percent.

Kicking off the results season for December quarter, South Indian Bank posted almost flat growth in its net profit at Rs 115 crore against Rs 111.4 crore posted during the same period last year.

The bank reported 22 percent increase in the net interest income to Rs 509.4 crore. The number was reported at Rs 417.5 crore during the same period last year. Difference between interest earned and interest appended is known as the net interest income.

The bank reported an improvement in its asset quality as well as slippages too. The gross non-performing assets were reported at 3.4 percent against 3.57 percent in the previous quarter, while the net NPA percentage came in at 2.35 percent. The September quarter saw this at 2.57 percent.

Importantly, the bank reported fresh slippages at Rs 98 crore for the third quarter, but its gross slippages came in at Rs 258 crore against Rs 252 crore last quarter.

The bank’s management further said that it is confident of achieving 18 percent year on year loan growth in FY18. Going forward, it expects slippages to reduce to half in the Q1 of FY19.
First Published on Jan 9, 2018 12:58 pm

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