17 Jan 2021 | 9:57 PM

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COMPANYNEWS
South Indian Ban Q2 net profit up 20.46% at Rs 84.48 cr
  South Indian Bank Ltd. | 17 Jan 2020 | 10:51 AM
Published on 10-22-2019
The bank reported standalone net profit of Rs 84.48 crore for the quarter ended September 30 2019 as compared to Rs 70.13 crore in the same period last year registering a year-on-year growth of 20.46 per cent.


Interest income of the bank rose by 15.18 per cent at Rs 1953.97 crore for the quarter ended September 30 2019 as against Rs 1696.51 crore in the corresponding period last year.


During the July-September quarter total income rose moderately by 18.81 per cent to Rs 2203.18 crore from Rs 1854.40 crore in the year ago period.


Meanwhile operating expenses increased by 16.00 per cent to Rs 1791.73 crore from Rs 1544.62 crore in the same period last year.


Operating profit surged 32.82 per cent to Rs 411.45 crore from Rs. 309.78 crore.


Provisions and Contingencies surged by 49.67 per cent at Rs 306.34 crore from Rs 204.68 crore a year ago.


NII the difference between interest earned on loans and interest paid on deposits increased by 15.37 per cent at Rs 584.30 crore versus Rs 506.47 crore in the year ago period. Non-interest income rose 57.84 per cent year-on-year to Rs 249.21 crore.


On the asset side gross non- performing assets (NPAs) rose to 4.92 per cent of the gross advances as at the end of September 30 2019 from a level of 4.61 per cent year earlier. Its net NPAs or bad loans too increased to 3.48 per cent of net advances on September 30 2019 from 3.16 per cent a year ago.