South Indian Bank Q2 net profit falls 96%

South Indian Bank Ltd on Tuesday reported 96% decline in its September quarter net profit due to higher provisions.

Net profit for the quarter stood at Rs4.32 crore against Rs110.52 crore a year ago.

Provisions and contingencies surged over 253% to Rs453.68 crore from Rs128.33 crore a year ago. On quarter-on-quarter basis, it jumped over 102% from Rs2,898.22 crore.

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South Indian Bank Q1 net profit at Rs 101.47 crore

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. 

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South Indian Bank Q4 result, profit rises to Rs75.54 crore

South Indian Bank reported a slight increase in net profit for the March quarter due to higher net interest income.

Net profit rose to Rs75.54 crore for the three months ended 31 March from Rs72.97 crore a year ago.Net interest income, or the core income a bank earns by giving loans, increased 17.31% to Rs439.1 crore from Rs374.29 crore a year ago.Provisions and contingencies fell marginally to Rs165.30 crore in the March quarter from Rs206.63 crore in the previous quarter.

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South Indian Bank Q3 result, Profit up by 9.59% to 111.38 cr

Private sector lender South Indian Bank said profit in the quarter ended December 2016 grew by 9.59% to Rs111.38 crore compared with Rs101.63 crore in year-ago period but asset quality worsened.

                                           

       

       Net interest income (NII)—the difference between interest earned and interest expended—during the quarter increased 2.66% year-on-year to Rs417.52 crore. Earnings were below Bloomberg analysts’ expectations as they predicted profit to be Rs113.80 crore.

Asset quality weakened during the quarter as gross non-performing assets (NPAs) increased to 3.98% in the quarter ended December 2016 from 2.75% quarter ended December 2015 and net NPA rose to 2.52% from 1.80% in corresponding quarter last year.

In absolute terms, gross NPAs jumped 61.28% year-on-year to Rs1,786.98 crore and net NPAs were up 55.82% at Rs1,115.66 crore in the quarter ended December 2016.

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South Indian Bank Q2 result, net profit rises 18.36%

South Indian Bank Ltd on Friday said its second-quarter net profit rose 18.36% on the back of higher other income.

Net profit rose to Rs110.52 crore for the three months ended 30 September from Rs93.38 crore in the same quarter last year.

Profit was higher than the Rs105.10 crore estimated by a Bloomberg poll of two analysts.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 14.63% to Rs445.18 crore from Rs388.35 crore in the corresponding period last year.

Other income, which includes core fee income, rose 20.37% to Rs145.90 crore in the three months ended 30 September from Rs121.21 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 3.96% in the quarter compared with 2.24% in the year-ago quarter.

Despite this, the bank increased provisions during the quarter to Rs128.33 crore as against Rs67.47 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs114.11 crore in provisions.

Post-provision, the net NPA ratio was at 2.77% against 1.39% in the year-ago period.

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