South Indian Bank has declared a net profit of ₹202.35 crore for Q1 FY24 registering a growth of 75 per cent compared to ₹115.35 crore in the corresponding period of the previous year.

Operating profit for the quarter increased by 55 per cent from ₹316.82 crore in Q1 FY23 to ₹490.24 crore in Q1 FY24. GNPA came down by 74 bps from 5.87 per cent to 5.13 per cent on YoY basis. NNPA dropped by 102 bps from 2.87 per cent to 1.85 per cent on YoY basis.

Net interest income went up from ₹603.38 crore to ₹807.77 crore, registering a growth of 34 per cent. NIM improved by 60 bps from 2.74 per cent to 3.34 per cent.

Retail deposits grew by ₹5,583 crore from ₹86,460 crore to ₹92,043 crore. NRI deposits grew by ₹784 crore from ₹27,598 crore to ₹28,382 crore.

Gross advances grew by ₹9,397 crore from ₹64,705 crore to ₹74,102 crore, showing an increase of 15 per cent. Corporate Segment went up by ₹8,919 crore from ₹18,603 crore to ₹27,522 crore. Personal loan books grew by ₹930 crore from ₹1,005 crore to ₹1,935 crore. The loan portfolio went up by ₹2,517 crore from ₹11,961 crore to ₹14,478 crore.

Murali Ramakrishnan, Managing Director & CEO said the strategy adopted by the bank continues to enable the business performance. During the period, the bank could register growth in all the desired segments with a focus on building quality assets across all verticals such as Corporate, SME, Auto Loan, Credit Card, Personal Loan, and Gold Loan.

In line with the strategic intent, “profitable growth through quality credit”, the bank could churn around 61 per cent of its advances portfolio since October 2020 amounting to ₹45,268 crore with a GNPA of only 0.16 per cent. Capital adequacy stood at 16.49 per cent in June 2023 compared to 16.25 per cent in June 2022, he added.

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