South Indian Bank Q2 Net Profit Up 18.15% At Rs 324.69 Cr

The bank reported standalone net profit of Rs 324.69 crore for the quarter ended September 30, 2024 as compared to Rs 274.81 crore in the same period last year, registering a year-on-yeargrowthof 18.15 per cent.

Interest income of the bank rose by 10.60 per cent at Rs 2354.72 crore for the quarter ended September 30, 2024 as against Rs 2129.00 crore in the corresponding period last year.

During the July-September quarter, total income rose moderately by 12.86 per cent to Rs 2,804.19 crore from Rs 2,484.77 crore in the year ago period.

Meanwhile, operating expenses increased by 11.34 per cent to Rs 2,253.94 crore from Rs 2,024.33 crore in the same period last year.

Operating profit surged 19.51 per cent to Rs 550.25 crore from Rs. 460.44 crore.

Provisions and Contingencies surged by 114.65 per cent at Rs 110.01 crore from Rs 51.25 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 6.22 per cent at Rs 882.28 crore versus Rs 830.58 crore in the year ago period. Non-interest income rose 26.34 per cent year-on-year to Rs 449.47 crore.

On the asset side, gross non- performing assets (NPAs)fellto 4.40 per cent of the gross advances as at the end of September 30, 2024 from a level of 4.96 per cent year earlier. Its net NPAs or bad loans toodeclinedto 1.31 per cent of net advances on September 30, 2024 from 1.70 per cent a year ago.

(PTI)