South Indian Bank December quarter profit up 8%

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Published: January 17, 2020 1:43:46 AM

Operating profit for the third quarter has grown by 15.4 % from Rs 332.01 crore in the year ago period to Rs 383.14 crore .

bank, south indian bankThe net interest income registered a growth of 15.81% year-on-year while other incomes registered a growth of 18.02%.

South Indian Bank on Thursday announced a 8% year-on-year increase in its third quarter net profits at Rs 90.54 crore.The Kerala-based lender has reported a net profit of `83.85 crore during the corresponding period of the previous year.

Operating profit for the third quarter has grown by 15.4 % from Rs 332.01 crore in the year ago period to Rs 383.14 crore .

The net interest income registered a growth of 15.81% year-on-year while other incomes registered a growth of 18.02%. The gross non-performing assets of the Bank stood at 4.96% and net NPA stood at 3.44% as on December 31, 2019.

Announcing the results, MD and CEO VG Mathew said the bank has crossed the landmark of Rs 1,50,000 crore of total business as on December 31, 2019. He added that on the advances side, the focus of the bank remains on the retail, agri and MSME portfolios and the same is visible in the growth numbers in these portfolios.

“Bank has also been able to meet the targeted levels of recovery/upgrades which has helped in containing the GNPA level at 4.96%. The provision coverage ratio of the bank has improved to 50.37% from 41.17% a year ago. Bank has a clear action plan for further improving the provision coverage ratio in a phased manner,” he said.

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