South Indian Bank Q4 net profit climbs nearly 23% to Rs 333.89 crore

Private sector lender South Indian Bank on Thursday reported a 22.74 per cent increase in net profit at Rs 333.89 crore in the March 2023 quarter. The bank's net profit was Rs 272.04 crore in the year-ago period.

The operating profit increased by more than 95 per cent to Rs 561.55 crore during the fourth quarter of 2022-23 from Rs 287.94 crore a year ago, the bank said in a regulatory filing. "Net interest income went up from Rs 825.15 crore to Rs 857.18 crore, registering a growth of 3.88 per cent on Q-o-Q basis," it said.

South Indian Bank also declared a net profit of Rs 775.09 crore for the fiscal 2022-23, highest-ever in the history of the bank. The growth in net profit is 1623.11 per cent compared to the previous year, it said.

Its Gross Non-Performing Asset (NPA) came down by 76 bps from 5.90 per cent to 5.14 per cent on a year-on-year basis. Similarly, net NPA dropped by 111 bps from 2.97 per cent to 1.86 pr cent. Shares of the bank settled 1.55 per cent higher at Rs 16.34 apiece on the BSE.

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