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South Indian Bank announces rise of 8% in Q3 net profit at Rs 90.54 cr

The South Indian Bank on Thursday announced a rise of 8% in net profit at Rs 90.54 crore for the quarter ended December (Q3) as against Rs 83.85 crore during the corresponding period of the previous year.

While deposits (excl. certificate of deposits) increased by 11 per cent y-o-y, CASA stood at 13 per cent during the same period. Advances were up 9% y-o-y.

V G Mathew, MD & CEO said that the bank crossed the landmark of Rs 150,000 crore of total business on December 31, 2019.

He added that on the advances side, the bank’s focus remained on the retail, agri and MSME portfolios and the same was visible in the growth numbers in these portfolios. The bank has also been able to meet the targeted levels of recovery/ upgrades which helped it 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.

Source: Business Standard