Money & Banking

South Indian Bank posts marginal rise in Q4 net

Our Bureau Kochi | Updated on January 11, 2018 Published on May 15, 2017

V.G.Mathew, Managing Director and CEO of South Indian Bank. (file photo)

South Indian Bank has registered a 3.52 per cent growth in net profit in the fourth quarter of FY17 at ₹75.54 crore from ₹72.97 crore in the corresponding period last fiscal.

The annual net profit also increased by 18 per cent from ₹333.27 crore to ₹392.50 crore mainly due to increase in NII and other income.

V.G.Mathew, Managing Director and CEO, told reporters here on Monday that the realignment of business strategies with emphasis on retail lending and CASA has contributed to the good performance despite a challenging environment in the banking sector.

According to him, intensive efforts in resolving the NPA issues have also yielded results and both gross and net NPAs came down on Y-o-Y as well as on a sequential basis.

Overall stressed assets declined strategically following the substantial sale of NPA to an ARC during this quarter. Gross NPA came down to ₹1,149 crore from ₹1,562 crore, while net NPAs fell to ₹675 crore from ₹1,185 crore.

Total business increased by ₹15,695 crore to ₹1,13,201 crore, achieving a growth of 16 per cent. Total advances increased by ₹5,299 crore to ₹47,084 crore, a growth of 13 per cent. The growth drivers are SME loans, mortgage loans, agriculture and auto loans.

Deposits also increased by ₹10,397 crore to ₹66,117crore, a growth of 19 per cent. CASA increased by ₹3,287 crore to ₹15,746 crore, a growth of 26 per cent. CASA now stands at 23.82 per cent. NRI deposits also showed a 18 per cent growth.

Mathew said the bank plans to open 25 branches, 25 extension counters and 150 ATMs.

Published on May 15, 2017
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