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Informist, Thursday, May 15, 2025

By Gowri Lakshmi

--South Indian Bank Jan-Mar net profit INR 3.42 bln vs INR 2.88 bln year ago  

--South Indian Bank Jan-Mar total income INR 29.46 bln vs INR 26.21 bln 

--South Indian Bank gross NPA ratio 3.20% as on Mar 31 vs 4.30% quarter ago 

--South Indian Bank Jan-Mar provisions INR 2.24 bln vs INR 406.20 mln yr ago 

--South Indian Bank net NPA ratio 0.92% as on Mar 31 vs 1.25% quarter ago 

--South Indian Bank Basel III capital adequacy ratio 19.31% as on Mar 31 

--South Indian Bank to pay INR 0.40 per share dividend for FY25 

--South Indian Bank FY25 net profit INR 13.03 bln vs INR 10.70 bln year ago 

--South Indian Bk FY25 total income INR 112.27 bln vs INR 101.28 bln yr ago 

--South Indian Bk Jan-Mar NII INR 8.68 bln vs INR 8.74 bln yr ago 

--South Indian Bk gross advances INR 875.78 bln Mar 31, up 8.9% YoY 

--South Indian Bk retail deposits INR 1.05 tln Mar 31, up 7.2% YoY 

--South Indian Bk: CASA ratio 31.37% as on Mar 31 vs 32.08% year ago 

--South Indian Bank provision coverage ratio 85.03% as on Mar 31 

MUMBAI – A sharp rise in other income helped South Indian Bank beat estimates for net profit in the quarter ended March. The private sector bank reported a 19% jump in the net profit to INR 3.42 billion as its other income rose 65.4% to INR 5.72 billion.

Shares of the Kerala-based private sector bank ended 3.7% higher at INR 27.75 on the National Stock Exchange. ICICI Securities and Anand Rathi Financial Services Ltd had expected the bank to report a profit of INR 3.18 billion and INR 3.40 billion, respectively.  

The bottom line was also supported by an increase in income from corporate banking operations, which rose to INR 10.43 billion from INR 8.19 billion in the corresponding quarter a year ago. The total income of the bank rose to INR 29.46 billion, up 12.4% from a year ago. 

The profit for the reporting quarter rose despite the provisions and contingencies jumping nearly five-folds to INR 2.24 billion from INR 406.20 million a year ago. The rise in provisions was despite a signficant reduction in net non-performing assets of the bank. Net non-performing assets ratio inched down to 0.92% from 1.25% in the corresponding quarter a year ago. Gross non-performing asset ratio of the bank also improved to 3.20% from 4.50% a year ago. 

The interest earned by the private lender rose only 4.34% on year to INR 2.37 billion. The net interest income of the bank fell to INR 8.68 billion from INR 8.74 billion a year ago. The private sector bank's expenditure rose 3.4% with operating expenses falling 3.78% to INR 7.58 billion. 

The gross advances of the bank increased 8.9% on year to INR 875.78 billion as on Mar. 31, with housing loans rising 54.97% to INR 78.77 billion. Meanwhile, retail deposits rose 7.2% on year to INR 1.05 trillion as on Mar. 31.

The low cost current account, savings account ratio dropped to 31.37% from 32.08% on year. The private-sector bank's provision coverage ratio was 85.03% as on Mar. 31.

South Indian Bank's net profit for financial year 2024-25 (Apr-Mar) rose to INR 13.03 billion from INR 10.70 billion a year ago. The total income for FY25 stood at INR 112.27 billion, registering a growth of 10.9% annually. The bank's Basel III capital adequacy ratio was 19.31% as on Mar. 31.

"Aligned with our strategic intent of ‘profitability through quality credit growth', we have successfully on-boarded new advances with low-risk profiles, ensuring a well-balanced and healthy credit portfolio," P.R Seshadri, managing director and chief executive officer of the bank said in a press release. End

Edited by Vandana Hingorani

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