South Indian Bank achieves net profit of Rs 110.52 crore

KOCHI: The Thrissur-based South Indian Bank has achieved a net profit of Rs 110.52 crore for the second quarter of financial year showing an increase of 18.35 per cent over the same period of the previous year.

The operating profit of the bank stood at Rs 297.34 crore, representing an increase of nearly 40 per cent in quarter 2.

The total advances increased to Rs. 44428 crores, registering a growth of 10.48 per cent. The growth drivers were SME loans, home loan, agriculture and auto loan.

The deposits increased Rs. 60192 crore - a growth of 13.49 per cent. CASA of the Bank increased to Rs. 13697 crore, registering a growth of 13.46 per cent. CASA now stands at 22.76 per cent of total deposits. NRI deposit of the Bank increased by 19.92 per cent to Rs 15,476 crore.

The Capital Adequacy Ratio of the Bank stood at 11.13 per cent as on September 30, 2016. Bank is exploring various options to infuse regulatory capital to support its growth plans.