South Indian Bank declares net profit of Rs 275 cr for Q2 FY 2023-24

Thiruvananthapuram, Oct 19 (IANS) Leading Kerala-based private sector bank, South Indian Bank, on Thursday declared a net profit of Rs 275 crore for Q2, a growth of 23.2 per cent compared to Rs 223 crore in the same quarter of the previous year.

MD & CEO P.R.Seshadri said that the strategy adopted by the bank continues to enable the business performance.

“During the period, the bank registered growth in all the desired segments with a focus on quality asset across all verticals and keeping in line with the strategic intent of the bank, profitability through quality credit growth, the bank could on board fresh advances with low risk profile of around 64 per cent of its advances portfolio since October 2020 amounting to Rs. 48,246 crore with a GNPA of only 0.18 per cent,” he said.

Seshadri also pointed out that the capital adequacy of the Bank stood at 16.69 per cent in September 2023 compared to 16.04 per cent in September 2022.

The South Indian Bank has 944 branches, 3 ultra-small Branches, 3 satellite branches, 1,180 ATMs and 130 CDMs/CRMs across India and a representative office in Dubai.

–IANS

sg/vd