South Indian Bank records highest-ever quarterly net profit of ₹426.13 crore
The bank recorded its highest-ever net interest income of ₹1,116 crore with a growth of 37.95% on a year-on-year (y-o-y) basis.
South Indian Bank announced its highest quarterly net profit of ₹426.13 crore, marking a 21.28% increase from ₹351.37 crore in the same period last year. The bank's operating profit surged by 37% to ₹732 crore, while its net interest margin improved from 2.8% to 3.33% year-on-year. Net interest income reached an all-time high of ₹1,116 crore, growing by 37.95% compared to the previous year.
Retail deposits increased by ₹16,728 crore to ₹1,29,353 crore, a 14.85% year-on-year rise. NRI deposits also grew by ₹5,008 crore, reaching ₹38,203 crore, reflecting a 15.09% increase. The bank's CEO, Mahesh Muralidhar Pai, expressed satisfaction with the company's strategy centered around sustained profitability, superior asset quality, and a resilient loan book.
The bank is focusing on quality asset acquisition and digital technology to achieve its business objectives.
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