South Indian Bank net profit up 45.6%

NPA rises compared to same quarter of previous year

South Indian Bank has posted a growth of 45.6 per cent in net profit at Rs 95.06 crore during the quarter ended June 30, 2016, as compared to Rs 65.29 crore during the same quarter of previous financial year.

The total income has grown 9.5 per cent to Rs 1,620.67 crore during the quarter, as compared to Rs 1,480.51 crore during the corresponding quarter of previous financial year.

The gross Non-Performing Asset (NPA) stood at Rs 1,651.60 crore, which is 3.96 per cent of gross advances, as against Rs 713.83 crore (1.85 per cent) during same quarter of last year. The gross NPA grew to Rs 1,191.83 crore (2.89 per cent) as compared to Rs 463.98 crore (1.21 per cent) during the corresponding quarter of previous year.

V G Mathew, managing director & chief executive of South Indian Bank said that the realignment of business strategies adopted by the bank with emphasis on retail lending and CASA has contributed to the above performance in a challenging environment.