South Indian Bank posts Rs 92 cr loss in Dec quarter

Private sector lender South Indian Bank on Thursday posted a loss of Rs 91.62 crore for the third quarter ended December 31, 2020, due to an increase in provisioning for bad loans.

The bank had recorded a net profit of Rs 90.54 crore in the corresponding period of the previous financial year.

Its total income during October-December 2020 also declined to Rs 2,082.08 crore, compared with Rs 2,187.73 crore in the year-ago period, South Indian Bank said in a regulatory filing.

Gross non-performing assets (NPAs) fell marginally to 4.90 per cent of the total advances, compared with 4.96 per cent at the end of the third quarter of previous fiscal.

Net NPAs declined to 2. 12 per cent in October-December 2020, from 3.44 per cent a year ago.

Provisions other than tax and contingencies rose to Rs 499.48 crore, against Rs 260.94 crore a year ago.