South Indian Bank Q1 net profit up 11 pc to Rs 82 cr

South Indian Bank on Wednesday reported a 11 per cent rise in net profit at Rs 82 crore in June quarter of the current fiscal year. Net NPAs declined to 3.09 per cent from 3.41 per cent a year ago. Total deposits rose 8 per cent to Rs 82,469 crore during the quarter from Rs 76,544 crore, the bank said in an investor presentation.

South Indian Bank on Wednesday reported a 11 per cent rise in net profit at Rs 82 crore in June quarter of the current fiscal year. The private sector lender had posted a net profit of Rs 73 crore in the corresponding quarter of fiscal year 2019-20.

Total income during the quarter under review rose 22 per cent to Rs 872 crore as against Rs 718 crore in the year-ago period, the bank said in a regulatory filing. Interest income grew 10 per cent to Rs 587 crore from Rs 536 crore in the year-ago quarter.

Gross non-performing assets (NPAs) remained stable at 4.93 per cent of the gross advances at the end of June quarter as against 4.96 per cent a year ago. Net NPAs declined to 3.09 per cent from 3.41 per cent a year ago.

Total deposits rose 8 per cent to Rs 82,469 crore during the quarter from Rs 76,544 crore, the bank said in an investor presentation. Total CASA (current and savings account) deposits grew 12 per cent to Rs 22,179 crore as on June 30, 2020.

Shares of South Indian Bank on Wednesday closed 0.75 per cent lower at Rs 7.98 apiece on the BSE..