South Indian Bank net up 56%

Private sector lender South Indian Bank registered a 56 per cent growth in net profit to Rs 60.11 crore for the quarter ended 30 June, 2009 as against Rs 38.62 crore in the corresponding quarter last year.

While total income grew 28.4 per cent to Rs 521 crore, net interest income grew at a much faster pace, increasing 48 per cent to Rs 152.43 crore.

Profit from treasury options was a strong contributor to the bottomline, growing to Rs 33.22 crore as against a loss of Rs 10.7 crore last year.

The lender managed to reduce its gross non-performing assets to Rs 230 crore as on June 30, 2009 from Rs 206.95 crore in the year-ago quarter.

Gross NPAs a percentage of gross assets reduced to 1.85 per cent as against 1.98 pre cent in the corresponding quarter last year.

However, Net NPAs as a percentage of net assets saw an up-tick to 0.68 per cent from 0.49 per cent in the quarter ended 30 June, 2008.

Over the same period, capital set aside as provisions for bad loans marginally reduced to Rs 10.43 crore from Rs 10.68 crore.

It’s capital adequacy ratio, or core capital as a percentage of total risk-weighted assets, increased to 15.07 per cent from 14.76 per cent for the year ended March 31, 2009.