South Indian Bank Q2 net up 21 pc to Rs 84 cr on healthy core income

The South Indian Bank (SIB) on Thursday reported a 20.5 per cent rise in net profit at Rs 84.48 crore in the second quarter ended September 2019 on the back of healthy core income.

The private sector bank had posted a net profit of Rs 70.13 crore in July-September quarter a year ago.

The bank's total income rose to Rs 2,203.18 crore in July-September period as against Rs 1,854.40 crore in the same quarter last year.

Interest income stood at Rs 1,953.97 crore during the quarter as against Rs 1,696.51 a year ago, the bank said in a regulatory filing.

On the asset front, the gross non-performing assets (NPAs) saw a modest rise to 4.92 per cent of the gross advances as on September 30, 2019 from 4.61 per cent a year ago.

In absolute terms, gross NPAs or bad loans were at Rs 3,145.20 crore as compared with Rs 2,646.15 crore a year ago.

Net bad loans stood at 3.48 per cent (Rs 2,193.15 crore) as against 3.16 per cent (Rs 1,784.72 crore) a year ago.

Provisions for bad loans and contingencies rose to Rs 306.34 crore during the quarter under review as against Rs 204.68 crore in year-ago period.

Shares of SIB on Thursday closed 0.40 per cent lower at Rs 9.95 on the BSE.