South Indian Bank Q3 results: Net profit rises 12% to ₹342 crore, income at ₹2818 Crore Rises 6.9% y-o-y

South Indian Bank Q3 Results: Net profit reported by South Indian Bank at ₹341.87 marked a rise of 12% year over year compared to ₹305.36 crore in the year ago quarter. On the sequential basis the South Indian Bank net profit growth came at 5.3% compared t0 ₹324.69 Crore reported in the July-September quarter (Q2FY25)

The Total Income reported by South Indian Bank fo the quarter ending December 2024 (Q3FY25) at ₹2818 Crore grew 6.88% compared to ₹2636.5 Crore reported in the year ago quarter. The Total Income reported by South Indian Bank during Q3 could not grow much sequentially and came comparable to ₹2804.19 crore reported during the July to September 2024 quarter.

Operating profit for the quarter increased by 9.39% from Rs. 483.45 Cr in Q3 FY 24 to Rs. 528.84 Cr in Q3 FY 25 as per the company

Key Highlights

Gross NPA came down by 44 bps from 4.74% to 4.30% on Y-o-Y basis

Net NPA dropped by 36 bps from 1.61% to 1.25% on Y-o-Y basis

Net interest income went up from Rs. 819.03 Crore to Rs. 869.26 Crore, registering a growth of 6.13% on Y-o-Y basis

Return on Assets increased by 5 bps from 1.07% to 1.12% Y-o-Y basis

South Indian Bank Share price declines

The South Indian Bank share price declined more than 5% during the intraday post results. The South Indian Bank share price that opened at ₹27.15 o the BSE on Tuesday, slightly higher than the previous close of ₹27.01, however dipped lower with weakness in the overall markets and nervousness around Q3 Results. The South Indian Bank share price however dipped to lows of ₹25.51, which translated into a intraday decline of more 5% post results, indicating some disappointment with the results.

South Indian Bank at the start of the month had reported business updates for the October to December quarter.

The Gross Advances reported by South Indian Bank for December'2024 quarter stood ₹86,965 compared to ₹77,686 crore st the end of December 23 quarter and marking an increase of 11.9% year on year.

Total Deposits at ₹1,05,378 crore also ad grown 6.28% compared to ₹99,155 at the end of December 2023 quarter, though were comparable to ₹1,05,451 Crore in the September;2024 quarter.

The Current Account Savings account or CASA ratio at 31.16 % was lower than 31.8% at the end of December 2023 quarter and at the end of September 2024 quarter.

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