South Indian Bank Q1 Results: Net profit soars 45% YoY to Rs 294 crore

economictimes.indiatimes.com:

South Indian Bank reported a net profit of Rs 294 crore during the quarter ended June 2024, up 45% compared to a net profit of Rs 202 crore in the June 2023 quarter.

«The bank recorded a strong growth in net interest income, treasury income besides other income on account of recoveries» said P R Seshadri, MD & CEO of the Bank in a telephonic interaction with ET.

The bank's net interest income went up from Rs 807.77 crore to Rs 865.77 crore, up 7.18 % on a year-on-year basis

Retail deposit grew 8.37%, or by Rs. 7,702 crore, from Rs 92,043 crore to Rs 99,745 crore. The bank's Current and Savings accounts ( CASA )grew by 6.51% on Y-o-Y basis with growth in Savings Bank by 4.87% and Current Account by 14.80%, respectively

Gross advances grew by Rs. 8,478 crore from Rs. 74,102 to Rs. 82,580 Crore, up 11.44 percent on a year-on-year basis.

The bank's gross non-performing assets came down by 63 bps from 5.13% to 4.50% on year-on-year basis

As a part of strategy, going ahead the bank is planning to focus more on MSMEs and retail loans to rebalance its portfolio, Seshadari said.

In an attempt to raise higher deposits, the bank has ties up with a Fintech Aggregator to source time deposits, according to Seshadari. The bank is in the process of similar tie-ups for loans as well he said.