South Indian Bank net income jumps 45% to Rs 294 crore

The Thrissur, Kerala-based old generation private sector lender South Indian Bank has reported 45.4 percent on-year growth in net income at Rs 294 crore for the June quarter boosted by improved asset quality and higher income from rising credit disbursals.

In a statement issued Thursday, the bank said its asset quality saw all-round improvement with gross NPAs coming down by 63 bps from 5.13 percent to 4.50 percent during the reporting quarter, which also brought down the net NPAs by 41 bps from 1.85 percent to 1.44 percent.

Higher loan sales saw net interest income rising from Rs 807.77 crore in June 2023 to Rs 865.77 crore, registering a growth of 7.18 percent on-year, said PR Seshadri, the managing director of the bank.

He attributed the better set of numbers to the all-round performance with asset quality improving and assets across all verticals like corporate, auto and gold loans firing from all cylinders along with the credit card business.