South Indian Bank Q1 net up 7 pc at Rs 101 cr

Private sector South Indian Bank reported a 6.7 per cent rise in net profit at Rs 101.47 crore for the quarter ended June 2017 on a tepid increase in core income.
The bank had registered a net profit of Rs 95.06 crore during the corresponding April-June quarter of 2016-17.
Total income of the lender stood at Rs 1,709.97 crore for the June quarter of the current fiscal, up 5.5 per cent from Rs 1,620.67 crore a year ago.
The bank's asset quality improved, as the gross non- performing assets (NPAs) fell to 3.61 per cent of the gross advances as at the end of June, from 3.96 per cent a year ago.

Net NPAs also decreased to 2.54 per cent as against 2.89 per cent in the same period last fiscal, the bank said in a regulatory filing.
Despite this, the bank made a higher provisioning to cover bad assets and contingencies at Rs 224.31 crore, from Rs 114.11 crore year ago.

South Indian Bank said it had identified one of the NPA accounts as a fraud case during the last fiscal ended March 2017 and the net book value is to be amortised over a span of four quarters beginning December 31, 2016.
"Accordingly, the bank has charged Rs 28.51 crore during quarter ended June 2017, Rs 57.82 crore during year ended March 2017 and the unamortised balance carried forward as at June 30, 2017 is Rs 28.51 crore," it said.

Stock of South Indian Bank closed 3.99 per cent down at Rs 27.65 on BSE today.