South Indian Bank Q2 net up 22.38 per cent at Rs 93.38 crore

KOCHI: South Indian Bank has posted 22 per cent rise in net profit for the quarter to the end of September 2015 compared to that a year ago. The net profit rose to Rs 93.38 crore from Rs 76.30 crore.

The total business recorded 13 per cent increase to Rs 93251 crore. The deposits rose 14 per cent to Rs 53036 crore while advances increased 12 per cent to Rs 40,215 crore. However, the gross NPA went up to 2.24 per cent from 1.55 last year while net NPA increased to 1.39 per cent from 0.90.

The bank MD and CEO V G Mathew said it has been a challenging environment and the expectations from several sectors were belied. ``The expected turnaround in infrastructure, power and steel did not happen. But we are making efforts for recovery which will be reflected in the next quarter,’’ he said.

The home loan, auto loan, agri and MSME advances increased while there was a decline in gold loan sector. The net interest income showed 8 per cent rise to Rs 388.35 crore.

The NRI deposits have shown a robust growth of 26 per cent to 12,904 crore.