South Indian Bank Q1FY25: Net profit grows 45% YoY to Rs 294 cr
Thrissur: South Indian Bank has declared a net profit of Rs 294 crore for the first quarter of FY 2024-25, recording a whopping 45% growth compared to Rs 202 crore in the same quarter of the previous fiscal year.
Operating Profit: The operating profit for the quarter increased by 3.56%, rising from Rs 490.24 crore in Q1 FY 2023-24 to Rs 507.68 crore in Q1 FY 2024-25.
Net Profit: The net profit surged by 45.36%, up from Rs 202.35 crore in Q1 FY 2023-24 to Rs 294.13 crore in Q1 FY 2024-25.
Gross Non-Performing Assets (GNPA): The GNPA decreased by 63 basis points (bps), falling from 5.13% to 4.50% on a year-on-year (Y-o-Y) basis.
Net Non-Performing Assets (NNPA): The NNPA dropped by 41 bps, from 1.85% to 1.44% Y-o-Y.
Net Interest Income: The net interest income increased by 7.18%, rising from Rs 807.77 crore to Rs 865.77 crore Y-o-Y.
Return on Equity (RoE): The RoE improved by 110 bps, from 11.80% to 12.90% Y-o-Y.
Return on Assets (RoA): The RoA increased by 27 bps, from 0.73% to 1.00% Y-o-Y.
Provision Coverage Ratio (PCR) excluding write-off: The PCR increased by 390 bps, from 65.15% to 69.05% Y-o-Y.
PCR including write-off: The PCR increased by 267 bps, from 76.54% to 79.22% Y-o-Y.
Retail Deposits: Retail deposits grew by Rs 7,702 crore, from Rs 92,043 crore to Rs 99,745 crore, reflecting an increase of 8.37% Y-o-Y.
NRI Deposits: NRI deposits grew by Rs 1,721 crore, from Rs 28,382 crore to Rs 30,102 crore, showing an increase of 6.06% Y-o-Y.
Current Account and Savings Account (CASA): CASA grew by 6.51% Y-o-Y, with savings bank deposits growing by 4.87% and current account deposits increasing by 14.80%.
Gross Advances: Gross advances grew by Rs 8,478 crore, from Rs 74,102 crore to Rs 82,580 crore, reflecting an increase of 11.44% Y-o-Y.
Corporate Segment: The corporate segment increased by Rs 6,462 crore, from Rs 27,522 crore to Rs 33,984 crore, showing an increase of 23.48% Y-o-Y. The share of A and above rated accounts in the large corporate segment grew from 94% to 96% Y-o-Y.
Personal Loans: The personal loan book grew by Rs 377 crore, from Rs 1,935 crore to Rs 2,312 crore, marking an increase of 19.5% Y-o-Y.
Gold Loans: The gold loan portfolio increased by Rs 1,839 crore, from Rs 14,478 crore to Rs 16,317 crore, reflecting a growth of 12.70% Y-o-Y.
Bank's MD & CEO PR Seshadri while announcing the results, stated that the strategy adopted by the Bank continues to enable the business performance.
During the period, the bank registered growth in all the desired segments with a focus on quality assets across all verticals Corporate, Auto Loan, Credit Card, Gold Loan etc.
He also stated that, in line with the strategic intent of the bank viz, “Profitability through quality credit growth”, the bank could on board fresh advances with a low risk profile.
Capital adequacy of the bank stood at 18.11% in June 2024 compared to 16.49% in June 2023.
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