 "South Indian Bank, Karur Vysya Bank post double digit growth in deposits")
Private sector lenders South Indian Bank and Karur Vysya Bank posted double digit growth in deposits at the end of the quarter ending March 31, 2024.
The deposits of South Indian Bank grew by 11.21 per cent year-on-year (Y-o-Y) to Rs 1,01,929 crore from Rs 91,651 crore. Meanwhile, the deposits of Karur Vysya Bank rose by 16.28 per cent Y-o-Y to Rs 89,113 crore.
The (Current Account Savings Account) CASA deposits of Thrissur-based lender South Indian Bank grew by 8.03 per cent Y-o-Y to Rs 32,654 crore, whereas Karur Vysya Bank posted a 6.43 per cent uptick in CASA deposits to Rs 27,085 crore.
Meanwhile, the advances of Karur Vysya Bank rose to 16.04 per cent Y-o-Y to Rs 74,460 crore, while South Indian Bank’s rose by 11.44 per cent to Rs 80,337 crore from Rs 72,092 crore.
Mahindra & Mahindra Financial Services (Mahindra Finance) posted 11 per cent year-on-year (Y-o-Y) growth in disbursements during the fourth quarter of FY24 (Q4 FY24) to Rs 15,300 crore.
The disbursements for the month of March rose by 9 per cent Y-o-Y to Rs 6,100 crore, while the disbursements for the entire fiscal year (FY24) grew by 13 per cent to Rs 56,200 crore.
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In FY24, the Business Assets rose by 24 per cent Y-o-Y to around Rs 1,02,400 crores as of March 31, 2024.
The Collection Efficiency (“CE”) of the Non-Banking Financial Company (NBFC) was at 101 per cent for March 2024 as compared to 105 per cent.
For the last quarter of the fiscal year, the CE is estimated at 98 per cent compared to 99 per cent last year.
As of March 31, 2024, Stage-3, where loans are overdue for more than 90 days, is estimated at about 3.3 per cent as against 4.5 per cent as of March 31, 2023. Stage-2, where loans are overdue by 31-89 days, is estimated at around 5.1 per cent versus 6 per cent in the year-ago period.
The liquidity position of the company stood at over Rs 7,650 crore.