South Indian Bank on Thursday reported a 23 per cent rise in net profit to Rs 275 crore for the September quarter as provisions for bad loans came down significantly. The lender had posted a net profit of Rs 223 crore in the year-ago period. During the July-September period, total income increased to Rs 2,485 crore as against Rs 1,995 crore in the same quarter a year ago, South Indian Bank said in a regulatory filing. The interest income grew to Rs 2,129 crore from Rs 1,740 crore in the corresponding quarter a year ago. The lender's asset quality improved as gross non-performing assets (NPAs) fell to 4.96 per cent of gross advances as of September 2023 over 5.67 per cent by the end of September 2022. Net NPAs (bad loans) declined to 1.70 per cent as against 2.51 per cent at the end of the second quarter of the previous fiscal. As a result, provisions for bad loans and contingencies fell to Rs 51 crore during the quarter as compared to Rs 179.29 crore reserved for the year-ago per
RBI has approved the appointment of P R Seshadri as Managing Director & CEO of the Bank for a period of three years with effect from October 1, 2023.
He holds Bachelor's degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from Indian Institute of Management, Bangalore
The road map is clear that we want to grow in retail, as it helps us in diversifying the business, says Ramakrishnan, MD & CEO, South Indian Bank.
Net interest margin too improved by 60 basis points from 2.74 per cent to 3.34 per cent on Y-o-Y basis
Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs.1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to RBI
In the past one month, shares of South Indian Bank soared 20 per cent, as against a 2 per cent rise in the S&P BSE Sensex
During the period under review, the bank's operating profit was seen up by 95% from Rs 288 crore in fourth quarter of FY22 to Rs 562 crore during the same period in FY23
The bank has identified potential candidates for managing director's post and will send final list of candidates to RBI soon
Search committee considering internal and external options for selecting new chief of Thrissur-based lender
The board said it considered the request of Murali Ramakrishnan, Managing Director & CEO, not to offer himself for re-appointment due to personal reasons/family circumstances.
South Indian Bank on Tuesday reported a net profit of Rs 102.75 crore, restricted by money set aside as ageing provisions for security receipts as per a regulatory mandate. The Thrissur-headquartered lender had reported a loss of Rs 50.31 crore in the year-ago period, while its profit for the preceding September quarter had stood at Rs 223 crore. Its chief executive and managing director Murali Ramakrishnan said the bank decided to take a provision of Rs 312 crore for the quarter because of a December 4, 2022 RBI circular asking lenders to do ageing provisions for security receipts (SRs) dating before 2017. He said since 2004, the bank had sold non-performing assets of Rs 1,955 crore to asset reconstruction companies, of which the balance volume after redemptions had stood at Rs 1,455 crore for which the provision had to be done. The bank will have to set aside another Rs 48 crore in the fourth quarter towards such provisions and Rs 15 crore in entire FY24 if the stock of the SRs .
Lender decision to not redeem the bonds does not indicate any weakness in capital position, says ratings agency
The bank is targeting double digit growth, Murali Ramakrishnan, MD & CEO of South Indian Bank said
Murali Ramakrishnan, MD and CEO of the Bank, while announcing the results, stated that the strategy of realigning the business by the bank had contributed to the above improved performance
South Indian Bank (SIB) on Thursday reported a net profit of Rs 223.10 crore for the quarter ended September 2022 as provisions for bad loans came down significantly. The lender had posted a net loss of Rs 187.06 crore in the same quarter a year ago. Total income during July-September 2022-23 was up 10.6 per cent at Rs 1,995.24 crore as against Rs 1,803.76 crore in the same quarter a year ago, SIB said in a regulatory filing. The interest income grew to Rs 1,740.14 crore from Rs 1,646.59 crore. Asset quality of the lender improved as gross non-performing assets (NPAs) fell to 5.67 per cent of gross advances as of end-September 2022 from 6.65 per cent by end of September 2021. In value terms, gross NPAs stood at Rs 3,856.13 crore as against Rs 3,879.60 crore. Net NPAs (bad loans) were trimmed to 2.51 per cent (Rs 1,647.13 crore) as against 3.85 per cent (Rs 2,178.49 crore). Provisions for bad loans and contingencies fell down by more than 57 per cent to Rs 179.29 crore during th
South Indian Bank bagged a world record for staging and swinging the highest 101The South Indian Bank on Sunday organized an event 'Onnichirikkam Oonjaladam' and was accoladed with the World Book of Records award for 'staging and swinging 101 Oonjals'.The event 'Onnichirikkam Oonjaladam' saw people gathered in large numbers to celebrate unity and prosperity during the ongoing festival season. Swings were made using wood and rope in the traditional way.South Indian Bank had yesterday for the first time organized a first-of-its-kind category event 'Staging and Swinging 101 Oonjals' simultaneously at a single venue in Kochi.The World Book of Records team presented the Award to South Indian Bank officials.While speaking to ANI, Murali Ramakrishnan- MD and CEO of the South Indian Bank said, "Because of the present generation of technology, etc, I think people forget the authentic happiness which you are all getting when we all playing swing in our younger days. So South Indian Bank being a
In Q1, South Indian Bank's gross advances saw a growth of 10.95 per cent compared to the same period last financial year
CLOSING BELL: This was the first gain for benchmark indices in seven days
Private sector lender South Indian Bank has raised the marginal cost of funds based lending rates by up to 0.20 per cent across various tenors to be effective from Monday. The Marginal Cost of Funds Based Lending Rates (MCLR) applicable for multiple tenors has been revised with effect from June 20, 2022, South Indian Bank said in regulatory filing on Saturday. The benchmark one-year MCLR has been revised upwards to 8.35 per cent from 8.15 per cent earlier. The one-year MCLR is the rate against which most of the consumer loans such as auto, home and personal are decided. The three-month MCLR has also been revised up by equal measure to 7.95 per cent. The other tenor loans such as overnight, one-month and six-month have been upped by 0.15 per cent each in the range of 7.80-8.05 per cent, the bank said. Most of the banks have revised their lending rate after the Reserve Bank of India increased the benchmark key repo rate by 0.50 per cent to 4.90 per cent earlier on June 8. The repo