South Indian Bank has announced Q2 FY19 results with a quarterly net profit of ₹70.13 crore against ₹4.32 crore in the corresponding period of the previous fiscal.
Expressing satisfaction on the overall business performance, VG Mathew, Managing Director and CEO, told reporters that a clear shift of focus to retail, agriculture and MSME, has consistently started delivering improvement in the bank’s performance.
The lender’s asset quality remained stable with only a minor decline to 4.61 per cent from 4.54 per cent. Its net NPA improved to 3.16 per cent in September from 3.27 per cent in June, and business increased by ₹15,465 crore to ₹1,32,324 crore, registering a 13 per cent growth.
Deposits increased by ₹7,769 crore to ₹74,911 crore, posting a growth of 11.57 per cent. CASA increased by ₹1,903 crore to ₹18,388 crore, and it now stands at 24.55 per cent of total deposits. NRI deposits showed a healthy growth of 14.43 per cent with deposits accounting for 27.27 per cent of total deposits.
Advances increased by ₹7,696 crore to ₹57,413 crore, registering a credit growth of 15.48 per cent. Growth drivers continue to be retail, agriculture and MSME sectors. The bank’s capital adequacy ratio stands at 12.11 per cent as on September 30.
Mathew said the bank is targeting a 20 per cent growth in agriculture advances as five regions across South India – Hyderabad, Chennai, Madurai, Coimbatore and Bengaluru – have been contributing significantly to its agri-loan portfolio. Growth in this segment in Q2 was almost 8 per cent.
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