South Indian Bank declared Net Profit of Rs. 305.36 Cr for Q3 FY 23-24 registering a growth of 197.19% compared to Rs. 102.75 Cr in Q3 FY 22-23.
Key Highlights
- Operating profit for the quarter increased by 137.87% from Rs. 203.24 Cr in Q3 FY 23 to Rs. 483.45 Cr in Q3 FY 24
- Net profit of the Bank for quarter increased by 197.19% from Rs. 102.75 Cr in Q3 FY 23 to Rs. 305.36 Cr in Q3 FY 24
- GNPA came down by 74 bps from 5.48% to 4.74% on Y-o-Y basis
- NNPA came down by 65 bps from 2.26% to 1.61% on Y-o-Y basis
- Return on Equity for the quarter improved by 996 bps from 6.42% to 16.38% Y-o-Y basis
- Return on Assets for the quarter increased by 68 bps from 0.39% to 1.07% Y-o-Y basis
- Provision Coverage Ratio (PCR) improved by 346 bps from 74.51% in Q3 FY 23 to 77.97% in Q3 FY 24
- Deposits
- Retail Deposit grew by Rs. 6,428 Crore from Rs. 88,660 Crore to Rs. 95,088 Crore Y-o-Y showing an increase of 7.25% on Y-o-Y basis
- NRI Deposit grew by Rs. 1,272 Crore from Rs. 27,964 Crore to Rs. 29,236 Crore Y-o-Y showing an increase of 4.55% on Y-o-Y basis
- CASA grew by 2.83% on a Y-o-Y basis with growth in Savings Bank by 2.81% and CD by 2.96% respectively
- Advances
- Gross advances grew by Rs. 7,569 Crore from Rs. 70,117 to Rs. 77,686 Crore showing an increase of 10.80% on Y-o-Y basis
- Corporate Segment grew by Rs. 7,718 Crore from Rs. 22,174 Crore to Rs. 29,892 Crore showing an increase of 34.81% on Y-o-Y basis, in well rated borrower accounts
- Share of A and above rated accounts in large corporate segments stood at 96%
- Personal Loan book grew by Rs. 578 Crore from Rs. 1,609 Crore to Rs. 2,186 Crore showing an increase of 35.91% on Y-o-Y basis
- Gold Loan portfolio grew by Rs. 2,316 Crore from Rs. 13,053 Crore to Rs. 15,369 Crore showing an increase of 17.74% on Y-o-Y basis
- More than 3,77,000+ Credit Cards were issued with outstanding book of Rs. 1427 Crore as at December 2023
Y-o-Y growth Rs. in Crores
| Quarter ended | Quarter ended | |||
| 31.12.2023 | 31.12.2022 | Growth | % | |
| Gross Advance | 77,686 | 70,117 | 7,569 | 10.8% |
| Retail Deposits | 95,088 | 88,660 | 6,428 | 7.3% |
| NRI Deposit | 29,236 | 27,964 | 1,272 | 4.5% |
| Current Deposits | 5,502 | 5,344 | 158 | 3.0% |
| Savings Deposits | 26,027 | 25,316 | 711 | 2.8% |
| CASA | 31,529 | 30,660 | 869 | 2.8% |
| CASA % | 31.80% | 33.81% | -2.01% | -5.96% |
| Gross NPA % | 4.74% | 5.48% | -0.74% | -13.50% |
| Net NPA % | 1.61% | 2.26% | -0.65% | -28.76% |
| Other income | 452.41 | (34.18) | 486.59 | 1423.6% |
| Operating Profit | 483.45 | 203.24 | 280.21 | 137.9% |
| Provisions excluding tax | 48.55 | 41.43 | 7.12 | 17.2% |
| Profit before tax | 434.90 | 161.81 | 273.09 | 168.8% |
| Net Profit after tax | 305.36 | 102.75 | 202.61 | 197.2% |
Mr. P R Seshadri, MD & CEO of the Bank, while announcing the results, stated that the strategy adopted by the Bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality asset across all verticals Corporate, SME, Auto Loan, Credit Card, Personal Loan, 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 low risk profile.
Capital adequacy of the Bank stood at 15.60% in December 2023.
The Bank’s financial results include the financial results of its wholly owned subsidiary SIBOSL.