South Indian Bank registers a robust Net Profit of Rs. 202.35 Crores for Q1 FY 24
July 21, 2023
South Indian Bank had declared Net Profit of Rs. 202.35 Cr for Q1 FY 2023-24 registering a growth of 75.42% compared to Rs. 115.35 Cr in Q1 FY 2022-23.
Key Highlights
- Operating profit for the quarter increased by 54.74% from Rs. 316.82 Cr in Q1 FY 23 to Rs.490.24 Cr in Q1 FY 24
- Net profit of the Bank for quarter is up by 75.42% from Rs. 115.35 Cr in Q1 FY 23 to Rs. 202.35 Cr in Q1 FY 24
- GNPA came down by 74 bps from 5.87% to 5.13% on Y-o-Y basis
- NNPA dropped by 102 bps from 2.87% to 1.85% on Y-o-Y basis
- Net interest income went up from Rs. 603.38 Crore to Rs. 807.77 Crore, registering a growth of 33.87% on Y-o-Y basis
- NIM improved by 60 bps from 2.74% to 3.34% on Y-o-Y basis
- Return on Equity improved by 412 bps from 7.68% to 11.80% Y-o-Y basis
- Return on Assets increased by 27 bps from 0.46% to 0.73% Y-o-Y basis
- Recovery and upgradation in NPA accounts increased from Rs. 296.23 Cr in Q1 FY23 to Rs. 361.71 Cr in Q1 FY24
- Deposits
- Retail Deposit grew by Rs. 5,583 Crore from Rs. 86,460 Crore to Rs. 92,043 Crore, showing an increase of 6 % on Y-o-Y basis
- NRI Deposit grew by Rs. 784 Crore from Rs. 27,598 Crore to Rs. 28,382 Crore, showing an increase of 3% on Y-o-Y basis
- CASA grew by 3% on Y-o-Y basis with growth in Savings Bank by 2% and Current Account by 6% respectively
- Advances
- Gross advances grew by Rs. 9,397 Crore from Rs. 64,705 Crore to Rs. 74,102 Crore, showing an increase of 15% on Y-o-Y basis
- Corporate Segment went up by Rs. 8,919 Crore from Rs. 18,603 Crore to Rs. 27,522 Crore, showing an increase of 48% on Y-o-Y basis
- Share of A and above rated accounts in large corporate segment grew from 91% to 96% on Y-o-Y basis
- Personal Loan book grew by Rs. 930 Crore from Rs. 1,005 Crore to Rs. 1,935 Crore, showing an increase of 93% 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 % on Y-o-Y basis
- As at June 2023, Bank had issued more than 2,50,000 credit cards with an outstanding book of Rs. 955 Crore
Y-o-Y growth Rs. in Crores
Mr. Murali Ramakrishnan, MD & CEO of the Bank, while announcing the results, stated that the strategy adopted by the Bank continue to enable the business performance. During the period, the Bank could register growth in all the desired segments with focus on building quality asset across all verticals like Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan.
He also stated that, in line with the strategic intent of the Bank viz, “Profitable growth through quality credit”, the Bank could churn around 61% of its advances portfolio since October 2020 amounting to Rs. 45,268 Crore with a GNPA of only 0.16%.
Capital adequacy of the Bank stood at 16.49% in June 2023 compared to 16.25% in June 2022.
The Bank’s financial results include the financial results of its wholly owned subsidiary SIBOSL.
About South Indian Bank
South Indian Bank is a leading Kerala-based Private sector bank with a nationwide presence. The Bank’s shares are listed on The Stock Exchange Mumbai (BSE) and The National Stock Exchange of India Ltd., Mumbai (NSE). South Indian Bank has 941 branches, 1170 ATMs and 126 CDMs/CRMs across India and a representative office in Dubai, UAE. South Indian Bank is a pioneer in technology-based banking, offering an array of digital products and services. It has one of the youngest workforces in the banking sector in the country. The Bank’s Vision 2024 focuses on the 6 Cs -- Capital, CASA, Cost-to-income, Competency Building, Customer Focus, and Compliance.
For more information, please log on to www.southindianbank.com
South Indian Bank
Thrissur, Kerala, India
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