Kerala-based South Indian Bank today announced the Q1 results with a net profit ofRs101.47 Cras againstRs95.06Crduring the corresponding period of the previous year.
VG Mathew, MD & CEO of the bank,announcing the results,stated thatduring the first quarter inFY18,the Bank's operating profit registered a growth of Rs 120 Crores (46.25 per cent) andProfit after Taxregistered a growth of Rs 6Crore(6.74 per cent),driven by strong performance to increase in NII and OtherIncome, the bank said in a release here.
The realignment of Business Strategies adopted by the bank with emphasis on Retail lending and CASA has contributed to the above performance despite a challenging environment in the banking sector, Mathew said, adding that the Bank has fully recognisedthe corporatestressedassets as NPA during the quarter.
Inspite of remarkable growth in NII, Non interest income and operating profit, due to incremental provisioningneeded for the above stressedassets,the net profitfor the quarter hasbeen muted, the release said.
The total Advances increased by Rs5,240croreto Rs47,264crores, registering a credit growth of12.47 per centYoY, it said.
Mathewinformed that the intensive efforts made by the Bank in resolving the NPA issues have yielded strong results and the issue of large corporate NPAs which has been bothering the Bank for the last 8 to 10 quarters is fully over in terms of NPA resolution.
It said theDeposits increased byRs.7,902 crore to Rs65,791crore,registeringa growth of13.65 per cent, Y-o-YCASA of the Bank increased by Rs 3,132 crore to Rs16,586crore, registering a growth of23.28 per centYoY. CASA now stands at25.21 per centof total deposits.
NRI depositsof theBankshoweda healthy growthof 15.73 perwith the NRI deposit accounting for 26. 45 per cent of total deposits.
The total Business of the Bank increased by Rs 13,142 cr to Rs 1,13,055croreachieving a growth of13.15 per centYoY, it added.
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