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South Indian Bank Q1 profit surges 46% to Rs 95 crore

Private lender South India Bank today posted a 45.7 percent jump in net profit at Rs 95 crore for the June quarter of 2016-17 despite a jump in bad loans.


South Indian Bank Q1 profit surges 46% to Rs 95 crore

New Delhi: Private lender South India Bank today posted a 45.7 percent jump in net profit at Rs 95 crore for the June quarter of 2016-17 despite a jump in bad loans.

The bank's net profit stood at Rs 65.2 crore in the same quarter of the previous fiscal.

The total income of the bank also increased to Rs 1,620.7 crore during the April-June quarter, from Rs 1,480.5 crore in the same period of the last fiscal, South India Bank said in a regulatory filing to the stock exchanges.

Gross non-performing assets (NPAs), as a proportion of advances, deteriorated to 3.96 percent in the first quarter as against 1.85 percent in the same period last fiscal.

Net NPAs also rose to 2.89 percent, from 1.21 percent at the end of June 2015.

At the same time, provisioning for bad loans increased to Rs 114.1 crore in the June quarter, from Rs 79.5 crore in the same period last fiscal. 

From Zee News

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