South Indian Bank on July 20 reported net income of Rs.202.3 crore for the quarter of fiscal 2024 April-June, compared to Rs.115 crore in the corresponding quarter last year.
The private lender’s gross value of non-performing assets (GNPA) was 5.13 percent, down from 5.14 percent in the year-ago quarter. However, the lender’s net NPA (NNPA) for the quarter was 1.85 percent, down from 1.86 percent year-over-year.
Murali Ramakrishnan, MD & CEO of SIB said the strategy being pursued by the bank continues to enable business development. During the period, the bank has seen growth in all desired segments with a focus on building quality assets across all verticals such as corporate, SME, auto loan, credit card, personal loan and gold loan.
“In line with the bank’s strategic intention of ‘Profitable growth through quality loans’, since October 2020 the bank has been able to churn around 61 per cent of its loan portfolio of Rs. 45,268 crore at a GNPA of just 0.16 per cent,” he said.
SIB’s retail deposit has increased by Rs. 5,583 crore from Rs. 86,460 crore to Rs. 92,043 crore, up 6 per cent year-on-year.
However, the NRI deposit grew by Rs. 784 crore from Rs. 27,598 crore to Rs. 28,382 crore, up 3 per cent year-on-year. While CASA grew 3 percent year-on-year, savings banks grew 2 percent and checking accounts grew 6 percent.
The personal loan book grew by Rs. 930 crore from Rs. 1,005 crore to Rs. 1,935 crore, an increase of 93 per cent yoy. The gold loan portfolio increased by Rs. 2,517 crore from Rs. 11,961 crore to Rs. 14,478 crore, up 21 per cent yoy.
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