South Indian Bank achieved a remarkable 9-month net profit of Rs. 782.52 Crore.
Q3 FY 23-24 Highlights
- Operating profit for the quarter surged by 137.87%, reaching Rs. 483.45 Cr compared to Rs. 203.24 Cr in Q3 FY 23.
- Net profit for the quarter saw an impressive growth of 197.19%, rising from Rs. 102.75 Cr in Q3 FY 23 to Rs. 305.36 Cr in Q3 FY 24.
- GNPA decreased by 74 bps from 5.48% to 4.74% YoY, while NNPA decreased by 65 bps from 2.26% to 1.61% YoY.
- Return on Equity for the quarter improved significantly by 996 bps from 6.42% to 16.38% YoY, and Return on Assets increased by 68 bps from 0.39% to 1.07% YoY.
- Provision Coverage Ratio (PCR) showed improvement by 346 bps, rising from 74.51% in Q3 FY 23 to 77.97% in Q3 FY 24.
Additional Read: Q3 Results Dashboard
Deposits
- Retail deposits exhibited a robust Y-o-Y growth of 7.25%, increasing by Rs. 6,428 Crore from Rs. 88,660 Crore to Rs. 95,088 Crore.
- NRI deposits grew by Rs. 1,272 Crore, from Rs. 27,964 Crore to Rs. 29,236 Crore, showing a Y-o-Y increase of 4.55%.
- CASA grew by 2.83% on a Y-o-Y basis, with Savings Bank and CD growing by 2.81% and 2.96%, respectively.
Advances
- Gross advances witnessed substantial growth, increasing by Rs. 7,569 Crore from Rs. 70,117 to Rs. 77,686 Crore, marking a 10.80% Y-o-Y increase.
- The Corporate Segment experienced remarkable growth, rising by Rs. 7,718 Crore, from Rs. 22,174 Crore to Rs. 29,892 Crore, indicating a 34.81% Y-o-Y increase in well-rated borrower accounts.
- Personal Loan book grew by Rs. 578 Crore, from Rs. 1,609 Crore to Rs. 2,186 Crore, showing a significant 35.91% Y-o-Y increase.
- Gold Loan portfolio displayed growth, increasing by Rs. 2,316 Crore from Rs. 13,053 Crore to Rs. 15,369 Crore, marking a 17.74% Y-o-Y increase.
- Over 3,77,000+ Credit Cards were issued, with an outstanding book of Rs. 1427 Crore as of December 2023.
Y-o-Y Growth Rs. in Crores
| Quarter Ended | Quarter Ended | |||
| 31.12.2023 | 31.12.2023 | Growth | % | |
| Gross Advance | 77,686 | 70,117 | 7,569 | 10.8% |
| Retail Deposit | 95,088 | 88,660 | 6,428 | 7.3% |
| NRI Deposit | 29,236 | 27,964 | 1,272 | 4.5% |
| Current Deposits | 5,502 | 5,344 | 158 | 3.0% |
| Savings Deposits | 26,027 | 25,316 | 711 | 2.8% |
| CASA | 31,529 | 30,660 | 869 | 2.8% |
| CASA % | 31.80% | 33.81% | -2.01% | -5.96% |
| Gross NPA % | 4.74% | 5.48% | -0.74% | -13.50% |
| Net NPA % | 1.61% | 2.26% | -0.65% | -28.76% |
| Other Income | 452.41 | (34.18) | 486.59 | 1423.6% |
| Operating Profit | 483.45 | 203.24 | 280.21 | 137.9% |
| Provisions excluding tax | 48.55 | 41.43 | 7.12 | 17.2% |
| Profit before tax | 434.90 | 161.81 | 273.09 | 168.8% |
| Net profit after tax | 305.36 | 102.75 | 202.61 | 197.2% |
Additional Check: South Indian Bank Share Price
About South Indian Bank
South Indian Bank stands as a prominent Kerala-based private sector bank, extending its influence across the nation. The bank’s shares are actively listed on both The Stock Exchange Mumbai (BSE) and The National Stock Exchange of India Ltd., Mumbai (NSE). Boasting a substantial network, South Indian Bank operates through 948 branches, 2 Ultra Small Branches, 3 Satellite branches, 1182 ATMs, and 133 CDMs/CRMs across India. Additionally, it maintains a representative office in Dubai, UAE, reflecting its international presence.
Known for pioneering technology-based banking, South Indian Bank offers a diverse range of digital products and services, positioning itself at the forefront of banking innovation. The bank takes pride in having one of the youngest workforces in the banking sector, contributing to its dynamic and forward-thinking approach.
Underlining its strategic vision, South Indian Bank envisions the future with its Vision 2025, centred around the 6 Cs: Capital, CASA (Current Account and Savings Account), Cost-to-income, Competency Building, Customer Focus, and Compliance. This strategic focus reinforces the bank’s commitment to financial strength, customer-centric services, operational efficiency, and staying abreast of technological advancements in the banking industry.
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Sources: https://www.bseindia.com/xml-data/corpfiling/AttachLive/2faebbeb-87ba-4cfe-8f7d-a70993cd4238.pdf
