South Indian Bank Q1 profit rises 9.5% to Rs 322 crore despite surge in provisions
ADVERTISEMENT The net profit was Rs 294 crore in the year ago period.
Its asset quality improved with gross non-performing assets ratio dropping to 3.15% at the end of June from 3.20% as on March 31. The ratio was much higher at 4.50% a year back.
The bank's pre-provision operating profit stood 32% higher at Rs 672 crore against Rs 508 crore in the year-ago quarter.Provision and contingencies stood at Rs 239 crore against Rs 113 crore. The profitability was largely buoyed by a rise in non-core income.
ADVERTISEMENT Total income stood at Rs 2984 crore, up 9% year-on-year. Other income jumped 47% at Rs 622 crore as compared with Rs 422 crore earlier.
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