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.
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.
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.
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.
