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Thrissur (Kerala) headquartered South Indian Bank reported a 10 per cent increase in net profit at Rs 127 crore in the first quarter ended June 30, 2014 against Rs 115 crore in the year-ago period.
The old generation private sector bank’s bottomline was helped in good measure by a change in accounting policy for charging depreciation. As a result, the bank, in a notice to the BSE, said its net profit in the current quarter was higher by Rs 43.39 crore.
In the reporting quarter, the net interest income (the difference between interest earned and expended) edged up by 4 per cent to Rs 341 crore (Rs 328 crore).
Shares of the bank closed at Rs 32.70 per share, down 2.97 per cent over the previous close, on the BSE.
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