The net profit of South Indian Bank came back to the normal trajectory registering Rs 115 crore in Q3 of the current fiscal against Rs 111 crore of the corresponding period of FY17.
Expressing satisfaction on the overall business performance with a clear shift of focus to retail MSME and CASA, V G Mathew, MD & CEO said that the shift is consistently delivering improvements in the operating performance of the bank.
The bank has successfully managed its NPA in spite of challenging business environment. Accordingly gross and net NPA position improved by 58 bps and 17 bps respectively. The total business increased by Rs 11,729 crore to Rs 1,20,558 crore achieving a growth of 10.78 per cent, he said.
The deposits increased by Rs 4,514 crore to Rs 68,109 crore, registering a growth of 7 per cent. CASA increased by Rs 443 crore to Rs 16,929 crore. CASA now stands at 24.86 per cent of total deposits. NRI deposits showed a healthy growth of 12.61 per cent, with the NRI deposit accounting for 26.98 per cent of total deposits.
The total advances increased by Rs 7,215 crore to Rs 52,449 crore, registering a credit growth of 15.95 per cent. The growth drivers continue to be SME loans, mortgage loans, agriculture advances and auto loans.
During the quarter, the bank raised Tier II Capital of Rs 490 crore by way of Basel III compliant Tier II Bonds. The Capital Adequacy Ratio stands at 12.51 per cent as on December 31, 2017.