South Indian Bank Q2 Net up 30.9 pc at Rs 127 cr

COIMBATORE: South Indian Bank ( SIB) today reported a 30.9 per cent growth year-on-year in net profit at Rs 127 crore for the second quarter ended September 30, but its gross NPA grew to 1.92 per cent.

Its net NPA grew to 1.39 per cent. The increase in the NPA was due to three accounts in the infrastructure sector, with a combined exposure of Rs 140 crore, V A Joseph, Managing Director and CEO of the bank said in a release.

Stating that the net NPA moved up to 1.39 per cent in July-September, compared to 0.86 per cent and gross NPA to 1.92 per cent from 1.74 per cent, the release said, the bank was aiming to bring down the net NPA to below one per cent and gross NPA to 1.5 per cent this fiscal.

The Thrissur-based bank's advances increased 12. 27 per cent to Rs 32,132 crore in July-September and total business grew 12.67 per cent to Rs 75,610 crore and was set to touch Rs 92,000 crore mark this financial year, the release said.