South Indian Bank Q4 net profit climbs 23% to ₹334 crore - BusinessLine

South Indian Bank on Thursday reported a 22.74 per cent increase in net profit at ₹333.89 crore in the March 2023 quarter.

The bank's net profit was ₹272.04 crore in the year-ago period.

The operating profit increased by more than 95 per cent to ₹561.55 crore during the fourth quarter of 2022-23 from ₹287.94 crore a year ago, the bank said in a regulatory filing.

"Net interest income went up from ₹825.15 crore to ₹857.18 crore, registering a growth of 3.88 per cent on Q-o-Q basis," it said.

Also read: HDFC Bank’s Q4 PAT up 20% on strong growth in NII

South Indian Bank also declared a net profit of ₹775.09 crore for FY23, 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 year-on-year basis. Similarly, net NPA dropped by 111 bps from 2.97 per cent to 1.86 per cent.

Shares of the bank settled 1.55 per cent higher at ₹16.34 apiece on the BSE.

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Published on May 11, 2023

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South Indian Bank Q4 net profit climbs 23% to ₹334 crore - BusinessLine
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