South Indian Bank reports Rs 7 crore net profit in March quarter

The bank reported a net interest income of Rs 561 crore, down 6 per cent year-on-year (YoY)

South Indian Bank has reported a net profit of Rs 6.79 crore in the March quarter of FY21 against a loss of Rs 143.69 crore in the year-ago period. The net profit of the lender stood at Rs 61.91 crore against Rs 104.59 crore of the previous financial year.

Murali Ramakrishnan, managing director and chief executive of South Indian Bank, said the lower quarterly profit was mainly on the account of credit cost on the fresh slippages during the fourth quarter. This resulted in additional stress in the economy due to Covid pandemic.

The bank reported a net interest income of Rs