South Indian Bank Q1 Results: Net profit at Rs 202.3 cr, asset quality healthy

Results

South Indian Bank reported a net profit of Rs 202.3 crore for the April-June FY24 quarter on July 20, compared to Rs 115 crore in the corresponding quarter last year.

The private sector lender's gross non-performing asset (GNPA) stood at 5.13 percent, down from 5.14 percent recorded in the same quarter last year. Whereas, the net NPA (NNPA) of the lender for the quarter stood at 1.85 percent, declining from 1.86 percent on a year-on-year basis.

Murali Ramakrishnan, MD & CEO of the SIB said that the strategy adopted by the Bank continues to enable the business performance. During the period, the Bank could register growth in all the desired segments with focus on building quality assets across all verticals like Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan.
"In line with the strategic intent of the Bank viz, “Profitable growth through quality credit”, the Bank could churn around 61 percent of its advances portfolio since October 2020 amounting to Rs. 45,268 Crore with a GNPA of only 0.16 percent," he said.
Deposits

The retail Deposit of SIB has grown by Rs. 5,583 Crore from Rs. 86,460 Crore to Rs. 92,043 Crore, showing an increase of 6 percent on Y-o-Y basis.

However, NRI Deposit grew by Rs. 784 Crore from Rs. 27,598 Crore to Rs. 28,382 Crore, showing an increase of 3 percent on Y-o-Y basis. While CASA grew by 3 percent on Y-o-Y basis with growth in Savings Bank by 2 percent and Current Account by 6 percent respectively.
Loan book
Personal Loan book grew by Rs. 930 Crore from Rs. 1,005 Crore to Rs. 1,935 Crore, showing an increase of 93 percent on Y-o-Y basis. Gold Loan portfolio went up by Rs. 2,517 Crore from Rs. 11,961 Crore to Rs. 14,478 Crore, showing an increase of 21 percent on Y-o-Y basis.