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New Delhi, Jun 26 (PTI) Private sector lender South Indian Bank on Friday reported a net loss of Rs 143.69 crore for the fourth quarter ended March 2020, due to multi-fold jump in provisioning requirement.
The bank had posted a net profit of Rs 70.51 crore during the corresponding quarter of the previous financial year.
Income during the March 2020 quarter increased to Rs 2,341.88 crore, compared with Rs 2,026.59 crore a year ago, it said in a regulatory filing.
Its provisioning for bad loans and contingencies for the quarter jumped over three times to Rs 723.80 crore, against Rs 219.15 crore.
For the full financial year 2019-20, the bank reported a net profit of Rs 104.59 crore, down 58 per cent as against Rs 247.53 crore in 2018-19.
However, the lender's income during the year rose to Rs 8,809.55 crore, from Rs 7,602.73 crore in the previous financial year.
With regard to bad assets, gross non-performing assets (NPAs) were nearly static at 4.98 per cent of the gross advances as on March 31, 2020, from a year ago's 4.92 per cent.
Net NPAs stood at 3.34 per cent at the end of March 2020, compared with 3.45 per cent by the end of March 2019.
On the impact of the coronavirus pandemic, it said the bank's operations and financial position would depend on several factors, including the steps taken by governments and the Reserve Bank of India.
South Indian Bank's shares on Friday closed 2.20 per cent higher at Rs 8.83 apiece on the BSE.
(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)
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