South Indian Bank Q2 Results: Net profit jumps over 23% to Rs 275 cr, asset quality stable

SIB

Private sector lender South Indian Bank on October 19 reported a 23.2 percent on-year spike in net profit to Rs 275 crore for the July–September quarter of this fiscal year.

The bank's gross non-performing asset (GNPA) was reduced to 4.96 percent of the total value from 5.67 percent in Q2FY23. The lender's net NPA stood at 1.70 percent, as against 2.51 percent a year ago.

P R Seshadri, MD & CEO of the Bank, while announcing the results, stated that the strategy adopted by the Bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality asset across all verticals Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan etc.
He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile of around 64 percent of its advances portfolio since October 2020 amounting to Rs. 48,246 Crore with a GNPA of only 0.18 percent.

SIB personal loan book grew by Rs. 684 Crore from Rs. 1,423 Crore to Rs. 2,107 Crore, showing with an increase of 48.1 percent on Y-o-Y basis. However, Gold Loan portfolio went up by Rs. 2,087 Crore from Rs. 12,911 Crore to Rs. 14,998 Crore, showing an increase of 16.2 percent on Y-o-Y basis.