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South Indian Bank posted a growth of 8 per cent in net profit at ₹90.54 crore in the third quarter of the current fiscal against ₹83.85 crore in the corresponding period of the previous fiscal. The bank’s operating profit also grew from ₹332.01 crore to ₹383.14 crore, a growth of 15 per cent.
Net interest income registered a growth of 15.81 per cent, and other income, a growth of 18 per cent. Gross NPA stood at 4.96 per cent and net NPA at 3.44 per cent as on December 31, 2019.
According to VG Mathew, Managing Director and CEO, the bank has crossed ₹1,50,000 crore in total business as on December 31, 2019. The bank has been able to meet the targeted levels of recovery/ upgrades, which helped in containing the GNPA level at 4.96 per cent. Provision coverage ratio improved to 50.37 per cent from 41.17 per cent a year ago.
The balance sheet has been further strengthened by way of reduction in the corporate exposure and growth in retail, agri and MSME portfolios.
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