Ramkrishnan’s term at South Indian Bank ended in September 2023 after he opted not to be re-appointed due to personal reasons
South Indian Bank has reported a net profit of Rs 202.3 crore for the April-June quarter.
Shares of the bank had fallen sharply on 29 March post the bank’s communication to stock exchanges. At the time of filing this copy, the shares were trading at Rs 14.25 apiece, down 13.9 per cent from the previous close.
The lender recorded its highest-ever quarterly net interest income for Q3FY23, at Rs 825 crore, against Rs 573 crore on a year-on-year basis. Its net profit for the quarter was at Rs 103 crore, against a net loss of Rs 50 crore during the corresponding quarter last year.
South Indian Bank has produced two financially healthy quarters and is expecting double-digit growth in the coming quarter. In an exclusive interview with Moneycontrol, Murali Ramakrishnan spoke about a range of issues including the bank’s strategy to grow as a pan-India bank, trends in credit and business growth and expectations from the 2023 Union Budget.
There is a need to pass on the higher interest rates to retail depositors which might cause some change in NIM for banks, the CEO said
Fintechs need to work with banks as they understand credit much better because of their experience of going through several cycles, Ramakrishnan said.
Ramakrishnan retired earlier this year from ICICI Bank after a tenure of more than two decades during which he handled a series of functions and businesses