South Indian Bank has registered a 45 per cent growth in its net profit in Q1 of FY25 at ₹294 crore compared with ₹202 crore in the same period of the previous fiscal year.
Operating profit for the quarter rose by 3.56 per cent from ₹490.24 crore in Q1 FY24 to ₹507.68 crore in Q1FY25. The gross NPA decreased by 63 bps, from 5.13 per cent to 4.50 per cent, while the net NPA fell by 41 bps from 1.85 per cent to 1.44 per cent. Net interest income increased from ₹807.77 crore to ₹865.77 crore, registering a growth of 7.18 per cent.
PR Seshadri, MD & CEO, said, “The strategy adopted by the bank continues to enable the business performance. During the period, the bank achieved a growth in all targeted segments with a focus on quality assets across all verticals, including corporate, auto loans, credit cards, gold loans etc. In line with the strategic intent, namely, “Profitability through quality credit growth,” the bank was able to onboard fresh advances with a low-risk profile.”
Retail deposits grew by ₹7,702 crore from ₹92,043 crore to ₹99,745 crore, while NRI deposits increased by ₹1,721 crore from ₹28,382 crore to ₹30,102 crore. CASA grew by 6.51 per cent with growth in savings accounts rising by 4.87 per cent and current Accounts by 14.80 per cent respectively.
Gross advances grew by ₹8,478 crore from ₹74,102 to ₹82,580 crore. The corporate segment went up by ₹6,462 crore from ₹27,522 crore to ₹33,984 crore, showing a growth of 23.48 per cent.
The share of A and above rated accounts in the large corporate segment grew from 94 per cent to 96 per cent. The personal loan book increased by ₹377 crore from ₹1,935 crore to ₹2,312 crore. The gold loan portfolio went up by ₹1,839 crore from ₹14,478 crore to ₹16,317 crore.
Capital adequacy stood at 18.11 per cent in June 2024 compared with 16.49 per cent in June 2023.