South India Bank Q1 net falls 49%

By: | Published: July 17, 2015 12:13 AM

Kerala based South Indian Bank (SIB) on Thursday declared a 49 % decline in its first quarter net profit due to flat income and rising provisions.

Kerala based South Indian Bank (SIB) on Thursday declared a 49 % decline in its first quarter net profit due to flat income and rising provisions. Net profit for Q1 of FY16 stands at Rs 65.29 crore as against Rs 126.65 crore in the corresponding quarter of FY15.

Net profit during the last quarter of FY 15 stood at Rs 16.32 crore and for the whole fiscal the net profit stood at Rs 307.2 crore. Gross non-performing assets (NPA) increased 11% sequentially to Rs 714 crore. As a percentage of total advances, GNPA stood at 1.85 % against 1.71 % in the March quarter.

SIB’s net interest income for the first quarter was flat at Rs 340 crore.

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