South Indian Bank today reported more than fourfold jump in net profit at Rs 72.97 crore for March quarter on account of higher income from other sources and a cut down in provisioning.
The bank's net profit stood at Rs 16.32 crore in the same period of 2014-15.
"Total income has increased to Rs 1,506.94 crore for the quarter ended March of 2015-16 as against Rs 1,444.37 crore during the same period of 2014-15," it said in a regulatory filing.
For the quarter, bank's income from other sources jumped 80 per cent to Rs 52.71 crore. While, provision for bad loans and contingencies trimmed to Rs 116.25 crore for the quarter under review, from Rs 137.74 crore.
However, asset quality of the bank slipped further with gross non-performing assets (NPAs) or bad loans standing at 3.77 per cent of gross advances as of March 2016, as against 1.71 per cent a year ago.
Likewise, net NPAs rose to 2.89 per cent of net advances, from 0.96 per cent a year ago.
For the entire fiscal, bank's net profit increased by 8.5 per cent to Rs 333.27 crore compared with Rs 307.20 crore in the preceding fiscal.
Income rose to Rs 6,074.62 crore for the fiscal as against Rs 5,783.29 crore in 2014-15.
South Indian Bank also said its board has recommended a dividend of Rs 0.50 per share for the 2015-16 fiscal.
"The dividend, if approved by the shareholder at the ensuing Annual General Meeting (AGM), will be paid within 30 days from the date of AGM," it added.
The bank's stock was trading 0.28 per cent up at Rs 18 on BSE during the afternoon session.
