Total income of the bank increased by 25% YoY to Rs 2,484.77 crore during the quarter. Net interest income improved by 14% YoY to Rs 830.58 crore in the second quarter of FY24.

Operating profit of the bank was Rs 460.44 crore in Q2 FY24, up by 8% from Rs 425.72 crore in Q2 FY23. Operating margin has declined to 18.53% in the second quarter as compared with 21.34% in the same period last year.

Provisions (other than tax) and contingencies declined by 71% to Rs 51.25 crore in Q2 FY24 from Rs 179.29 crore in Q2 FY23.

Profit before tax in Q2 FY24 stood at Rs 409.19 crore, up by 66% from Rs 246.43 crore in Q2 FY23.

On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 3,713.78 crore as on 30 September 2023 as against Rs 3,856.13 crore as on 30 September 2022.

The ratio of gross NPAs to gross advances was at 4.96% as on 30 September 2023 as compared to 5.67% as on 30 September 2022.

The ratio of net NPA to net advances stood at 1.70% as on 30 September 2022 as agaisnt 2.51% as on 30 September 2022.

As on 30 September 2023, total deposits stood at Rs 97,085.25 crore (up 10% YoY) and advanced aggregated to Rs 72,587.60 crore (up 10% YoY).

Capital Adequacy Ratio (CAR) was at 16.69% in Q2 FY24 as compared with 16.04% recorded in the same period last year. The bank's return on assets (ROA) for Q2 FY24 stood at 0.97% as against 0.85% in Q2 FY23.

South Indian Bank is a leading Kerala-based private sector bank with a nationwide presence.