South Indian Bank Q4 net jumps 51% to Rs 114 crore

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Kochi | Published: May 15, 2018 4:15:04 AM

South Indian Bank on Monday announced a 51% increase in net profit for the three months to March to Rs 114.1 crore. The Kerala-based private-sector lender reported that lower provisioning and higher interest income helped boost performance.

South Indian Bank, MCLR regime, SME segments, CASA growth,  CAGR, MCLR regime, NCLTNet profit for the whole fiscal stands at Rs 334.89 crore as against Rs 392.50 crore in the previous fiscal.

South Indian Bank on Monday announced a 51% increase in net profit for the three months to March to Rs 114.1 crore. The Kerala-based private-sector lender reported that lower provisioning and higher interest income helped boost performance. The net profit during the quarter ended March 2017 stood at Rs 75.5 crore, bank sources said.

The net interest income increased by 12.1% year-on-year to Rs 492.2 crore in Q4 from Rs 439 crore a year ago. Other income rose to Rs 179 crore from Rs 138 crore in the last quarter of FY17, an increase of 29.71%. Net interest margin improved to 2.84% during the quarter from 2.72% in the year-ago period. Income during the last quarter of 2017-18 rose to Rs 1,767.65 crore as against Rs 1,608.42 crore in the year-ago period, while interest income was higher by 8% at Rs 1,588.98 crore from Rs 1,470.71 crore.

The asset quality slipped with the gross non-performing assets (NPAs) increasing to 3.59% of the gross advances as on March 31, 2018 from 2.45% as on March-end 2017.In absolute terms, the gross NPAs were valued at Rs 1,980.30 crore by the end of 2017-18 from Rs 1,149.01 crore a year ago. Net NPAs also increased to 2.60% from 1.45% in the comparable quarter of the FY17. However, provisioning in the reported quarter was reduced to Rs 148.63 crore as Rs 165.30 crore. Net profit for the whole fiscal stands at Rs 334.89 crore as against Rs 392.50 crore in the previous fiscal.

VG Mathew, the bank’s MD & CEO, said lowering of net profit for the whole fiscal is mainly due to the one-time provisioning of Rs 252 crore in Q2. He expressed satisfaction on the overall business performance with a clear shift of focus to retail,MSME and agriculture.

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