Private sector South Indian Bank on Thursday posted more than three-fold jump in its net profit to Rs 73.26 crore for the quarter ending June on higher interest income and a fall in bad loan provisions.
The bank had registered a net profit of Rs 23.04 crore in the same quarter of the previous fiscal.
Total income of the bank rose to Rs 2,076.76 crore during April-June period of 2019-20, up against Rs 1,799.81 crore a year ago, the bank said in a regulatory filing.
The interest income of the bank increased to Rs 1,894.85 crore in the quarter under review from Rs 1,653.91 crore in April-June 2018.
South Indian Bank witnessed uptick in its bad assets with the gross non-performing assets (NPAs) rising to 4.96 per cent of the gross advances at end of June 2019 from 4.54 per cent in year ago same period. Net NPAs were 3.41 per cent, up from 3.27 per cent in the year-ago period.
Provisions and contingencies for the quarter fell to Rs 205.01 crore from Rs 231.53 crore year earlier.
SIB stock closed 1.59 per cent down at Rs 12.35 apiece on BSE.
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