South Indian Bank reports Rs 92-crore loss in Q3

By: |
January 22, 2021 9:24 AM

Provisions and contingencies for the third quarter stood at Rs 499 crore, up 91.42% from Rs 261 crore in the corresponding period of the previous fiscal.

south indian bankTotal advances showed a 6% year-on-year decline to Rs 63,353 crores as at the end of the third quarter.

South Indian Bank on Thursday reported a net loss of Rs 91.62 crore for the third quarter on account of higher credit cost. The Thrissur-based lender had reported a net profit of Rs 90.54 crore during the year-ago period. In the preceding quarter, the bank had reported a net profit of Rs 65.09 crore.

The operating profit for the third quarter is seen 1% lower year-on-year at Rs 377 crore.

Murali Ramakrishnan, MD & CEO, while announcing the results, said the quarterly loss was mainly on account of credit cost on the higher proforma slippages, as a result of additional stress in the economy because of the pandemic. Further, there was a one-time additional employee provision requirement on account of the wage settlement which got finalised during the quarter.

On the asset side, gross NPA is seen at 4.90% of total advances as on December 31, from 4.96% in the year-ago period. Net NPA stood at 2.12%, compared with 3.44% in the same period last year.

Provisions and contingencies for the third quarter stood at Rs 499 crore, up 91.42% from Rs 261 crore in the corresponding period of the previous fiscal.

Total advances showed a 6% year-on-year decline to Rs 63,353 crores as at the end of the third quarter.

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