South Indian Bank declares Q1 results, net profit at 41.15%

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South Indian Bank Q1 net profit at 41.15%
South Indian Bank has announced its financial results for the first quarter of current financial year on Thursday. The bank has reported a net profit of Rs. 82.49 crore in Q1 of FY12 as compared to Rs. 58.44 crore during Q1 FY11, reflecting a growth of 41.15%. The growth in profit is basically due to the growth in interest earned and other income of the bank.

The interest income of the bank stood at Rs. 768.72 crore in quarter ended June 30, 2011, rose by 42.32% against the interest income of Rs. 540.12 crore in the corresponding quarter previous year. Other income of bank also surged by 23.93% year-over-year to Rs 51.63 crore in first quarter of the financial year 2012 from Rs 41.66 crore.

Although total expenses of the bank have also increased during the quarter by 41.86% to Rs 677.21 crore in Q1 FY12 but this was partially compensated by increase in total income to Rs. 820.35 crore, because the net interest income of the bank has increased to Rs 204.97 crore in Q1 FY12 from Rs. 167.36 crore Q1 FY11.

The Net NPAs of the bank marginally decreased to Rs. 63.49 crore from Rs. 64.76 crore, hence the net NPA ratio to total advances has also decreased to 0.29% from 0.39%. Against this NPA, the bank has increased the provisions for the quarter ended June 30, 2011 to Rs. 20.84 crore from Rs. 16.70 crore in the corresponding quarter last year.

Apart from provisions, the tax expenses of the bank has also increased by 36.06% to 39.81 crore in first quarter of financial year 2012. In spite of increase provisions and taxes, the bank's net profit rose significantly due to tremendous rise in total income.

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