South Indian Bank Earnings: Record High Net Profit YoY Basis

South Indian Bank Earnings: Record High Net Profit YoY Basis

South Indian Bank saw record breaking profits in Fy 23-24. The bank's record-breaking net profit of Rs. 1,070.08 Cr.

Vikrant DurgaleUpdated: Friday, May 03, 2024, 11:06 AM IST
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Record breaking breaking numbers from South Indian Bank |

The bank saw its highest-ever business of Rs. 1,82,346 Cr. in its history. The bank's record-breaking net profit of Rs. 1,070.08 Cr. Record-breaking net interest income of Rs. 3,332.06 Cr.

In comparison to the Rs. 775.09 Cr. in FY 22–23, South Indian Bank's net profit for FY 23–24 was Rs. 1,070.08 Cr., a 38.06% increase.

Highest CRAR in the bank's history, at 19.91%. Record-breaking Provision Coverage Ratio of 79.10% (including write-off) peak NIM over the previous eighteen years, at 3.31%. highest return on assets during the previous ten years, at 0.91%.12.13% is the highest Return on Equity over the previous ten years.

Key Highlights

Operating profit increased by 23.91% from Rs. 1,507.33 Cr. in FY23 to Rs. 1,867.67 Cr. in FY24. On a year-over-year basis,

GNPA decreased by 64 bps from 5.14% to 4.50%.

NNPA decreased 40 basis points year over year, from 1.86% to 1.46%.

AGM approval of the 30% dividend proposed by the Board of Directors was dependent upon shareholder approval.

Inflows

Retail deposits increased by Rs. 8,128 crore, or 9.07%, year over year from Rs. 89,615 crore to Rs. 97,743 crore.
NRI Deposit increased by Rs. 1,538 crore, or 5.46%, year over year, from Rs. 28,159 crore to Rs. 29,697 crore.

South Indian Bank Quarter comparison

South Indian Bank Quarter comparison |

Mr. Seshadri, MD & CEO of the Bank, confirmed that the Bank's chosen approach keeps enabling the performance of the business.

With an emphasis on quality assets across all vertical Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan, etc. The bank saw growth in all of the targeted segments during that time. Seshadri said

He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile. Seshadri added

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