South Indian Bank Q2 results: Net profit rises 18% to ₹325 crore, income at ₹2,804 crore

The bank's total income grew to 2,804 crore for the quarter, up from 2,485 crore in the corresponding period a year ago, as per its regulatory filing.

Vaamanaa Sethi
Published16 Oct 2024, 04:29 PM IST
South Indian Bank Q2 results: Net profit rises 18% to  <span class='webrupee'>₹</span>325 crore, income at  <span class='webrupee'>₹</span>2,804 crore.
South Indian Bank Q2 results: Net profit rises 18% to ₹325 crore, income at ₹2,804 crore.

South Indian Bank reported an 18 per cent rise in profit for the second quarter ending September 2024, with earnings reaching 325 crore. In comparison, the bank had posted a net profit of 275 crore during the same period last year.

The bank's total income grew to 2,804 crore for the quarter, up from 2,485 crore in the corresponding period a year ago, as per its regulatory filing.

Interest income for the quarter stood at 2,355 crore, compared to 2,129 crore during the same period the previous year.

Also Read | Infosys Q2 Results Preview: Revenue growth seen at 3.7%, PAT may rise 5.8% QoQ

The bank also managed to lower its gross Non-Performing Assets (NPAs) to 4.40% of total loans by September 2024, down from 4.96 per cent a year earlier. Similarly, net NPAs decreased to 1.31 per cent, compared to 1.70 per cent at the end of the second quarter of the previous fiscal year.

NII and NPA

The bank's Net Interest Income (NII), or core income, grew by 6.3 per cent compared to the previous year, rising to 882.7 crore from 830.6 crore.

South Indian Bank's asset quality showed sequential improvement, with Gross Non-Performing Assets (NPA) reducing to 4.4% from 4.5%, and Net NPA decreasing to 1.31 per cent from 1.44 per cent in the June quarter.

Provisions for the quarter remained stable at 110 crore, slightly down from 113 crore in the previous quarter.

Also Read | PVR Inox Q2 Results: Loss at ₹11.8Cr, Revenue Decreased by 18.89% YoY

Earlier this month, the bank shared its business update for the September quarter, reporting a 13.1 per cent year-on-year growth in gross advances to 84,741 crore and an 8.6 per cent increase in deposits, reaching 1,05,455 crore.

The CASA Ratio at the end of the September quarter was 31.85 per cent, compared to 32.03 per cent in the prior quarter.

Following the results, South Indian Bank's shares rebounded from intraday lows and are currently up by 3.3 per cent at 24.77. Year-to-date, the stock has been relatively flat.

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First Published:16 Oct 2024, 04:29 PM IST
Business NewsCompaniesCompany ResultsSouth Indian Bank Q2 results: Net profit rises 18% to ₹325 crore, income at ₹2,804 crore

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