South Indian Bank records 73.26 cr net profit in Q1

South Indian Bank has declared a net profit of Rs 73.26 crore in Q1 as against Rs 23.04 crore during the corresponding period of the previous year. Operating profit for the first quarter has grown from Rs 269.64 crore to Rs 317.63 crore (17.80 per cent) Y-o-Y.

The operating profit of the bank improved 17.80 per cent Y-o-Y during the first quarter and net profit also registered a growth of 218.52 per cent Y-o-Y as a result of improved performance in the treasury and credit areas. The net interest income registered a growth of 8.38 per cent Y-o-Y. Other income registered a growth of 24.68 per cent. The Gross Non Performing Assets of the bank was stable Q-o-Q with an increase of only 4 basis points.

VG Mathew, MD and CEO mentioned that the growth in MSME, retail and agriculture advances is in line with the focus of the bank. Bank has also been able to contain the slippages within the guidance of Rs 250 crore accretion in NPA per quarter.