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South Indian Bank on Tuesday reported a 40 per cent drop in net profit to Rs 76.3 crore in the quarter ended September 30, due to rise in provisioning towards bad assets. The bank had logged net profit of Rs 126.75 crore during the corresponding quarter in the previous financial year. Total income of the private lender increased to Rs 1,405.95 crore during the quarter under review, up from Rs 1,306.73 crore a year ago, the bank said in a BSE filing.
Bank's provisioning and contingencies jumped to Rs 95.71 crore in the second quarter 2014-15, up from 19.76 crore in the year ago period.
On the asset front, its net non-performing assets (NPAs) came down to 0.9 per cent during July-September, over 1.39 per cent year ago.
