Latest News | South Indian Bank Posts 12pc Rose in December Qtr Profit to Rs 341 Cr South Indian Bk Q3 Net Up 12 Pc at Rs 341.87 Cr
Get latest articles and stories on Latest News at LatestLY. South Indian Bank on Tuesday reported a 12 per cent increase in its December quarter net profit to Rs 341.87 crore.
Mumbai, Jan 21 (PTI) South Indian Bank on Tuesday reported a 12 per cent increase in its December quarter net profit to Rs 341.87 crore.
The lender had reported a net profit of Rs 305.36 crore in the year-ago period.
Its core net interest income rose 6.13 per cent to Rs 869.26 crore during the reporting quarter as net interest margins stayed flat at 3.17 per cent, and loans grew 11.95 per cent.
Its managing director and chief executive P R Seshadri said the bank wants to expand the NIM by changing the mix of loans as it does not see any ease from the cost of funds.
He said the bank will focus on small ticket advances to the micro, small and medium enterprises, global education loans and mid-market housing to grow the NIMs going forward
It has some headroom to grow the high-margin personal loan book, but will be circumspect on the same given the overall issues in the sector, he said.
The bank's gross non-performing assets ratio came down to 4.30 per cent from the year-ago period's 4.74 per cent.
There was a 36 per cent increase in provisions excluding tax at Rs 66.04 crore for the reporting quarter.
The overall capital adequacy stood at 18 per cent as of December 2024, and the MD said the bank is well capitalized to not require an infusion for the next 18 months.
South Indian Bank shares closed 4.48 per cent down at Rs 25.80 apiece on the BSE on Tuesday, as against a 1.60 per cent correction on the benchmark.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)