Private lender South Indian Bank has released a business update for the quarter ending December 31, 2024. Whose effect will be seen on the stock.
South Indian Bank reported 11.94% year-on-year growth in gross advances to reach ₹86,965 crore, compared to ₹77,686 crore in the same period last year. Total deposits increased by 6.28% year-on-year to ₹1,05,378 crore from ₹99,155 crore as of December 31, 2023. The bank’s Current Account Savings Account (CASA) deposits also saw a marginal growth of 4.13%, rising from ₹32,831 crore to ₹31,529 crore. CASA ratio for Q3 FY25 stood at 31.16%, slightly lower than 31.80% in the same quarter last year.
South Indian Bank’s net interest income (NII), i.e. core income, increased by 6.3% to ₹882.7 crore from ₹830.6 crore last year. Its net profit rose 18.1% to ₹324.5 crore, up from ₹274.8 crore in the previous year. Other income for the quarter also increased significantly to ₹449 crore, from ₹355 crore last year.
South Indian Bank’s asset quality improved with gross non-performing assets (NPAs) improving from 4.4% to 4.5% earlier, while net NPAs also declined to 1.31% from 1.44% in the June quarter. Provisions for the quarter remained flat at ₹110 crore, compared to ₹113 crore in the June quarter.
Disclaimer: This information is for informational purposes only and should not be construed as investment advice. It is recommended to consult a financial advisor before making investment decisions.