South Indian Bank has reported a 9.5% year-on-year rise in net profit for the first quarter of the fiscal at Rs 322 crore, while it nearly doubled provisions and contingencies.
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.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.
