Kerala-based South Indian Bank today announced the Q1 results with a net profit of Rs 101.47 Cr as against Rs 95.06 Cr during the corresponding period of the previous year.
V G Mathew, MD & CEO of the bank, announcing the results, stated that during the first quarter in FY18, the Bank's operating profit registered a growth of Rs 120 Crores (46.25 per cent) and Profit after Tax registered a growth of Rs 6 Crore (6.74 per cent), driven by strong performance to increase in NII and Other Income, the bank said in a release here.
The realignment of Business Strategies adopted by the bank with emphasis on Retail lending and CASA has contributed to the above performance despite a challenging environment in the banking sector, Mathew said, adding that the Bank has fully recognised the corporate stressed assets as NPA during the quarter.
Inspite of remarkable growth in NII, Non interest income and operating profit, due to incremental provisioning needed for the above stressed assets, the net profit for the quarter has been muted, the release said.
The total Advances increased by Rs 5,240 crore to Rs 47,264 crores, registering a credit growth of 12.47 per cent YoY, it said.
Mathew informed that the intensive efforts made by the Bank in resolving the NPA issues have yielded strong results and the issue of large corporate NPAs which has been bothering the Bank for the last 8 to 10 quarters is fully over in terms of NPA resolution.
It said the Deposits increased by Rs.7,902 crore to Rs 65,791 crore,registering a growth of 13.65 per cent, Y-o-Y CASA of the Bank increased by Rs 3,132 crore to Rs 16,586 crore, registering a growth of 23.28 per cent YoY. CASA now stands at 25.21 per cent of total deposits.
NRI deposits of the Bank showed a healthy growth of 15.73 per with the NRI deposit accounting for 26. 45 per cent of total deposits.
The total Business of the Bank increased by Rs 13,142 cr to Rs 1,13,055 crore achieving a growth of 13.15 per cent YoY, it added.
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