South Indian Bank has recorded a 23% year-on-year increase in net profit for the September quarter, reaching Rs 275 crore, with reduced provisions for bad loans contributing to the growth. The bank’s total income rose to Rs 2,485 crore during the period, compared to Rs 1,995 crore in the same quarter the previous year. Improved asset quality is reflected in a decline in gross non-performing assets (NPAs) to 4.96% of gross advances, down from 5.67% in September 2022. Net NPAs also decreased to 1.70%. Provisions for bad loans and contingencies dropped to Rs 51 crore from Rs 179.29 crore in the year-ago period.
South Indian Bank Reports 23% Rise in Q2 Net Profit; Improved Asset Quality and Lower Provisions
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