However, total income grew by 13.04% year on year to Rs 2,620.70 crore during the quarter.

Net interest income (NII) was at Rs 874.67 crore during the quarter, up 2.04% on YoY basis.

Operating profit was at Rs 433.54 crore in Q4 FY24, down by 22.8% from Rs 561.55 crore in Q4 FY23.

Provisions (other than tax) and contingencies stood at Rs 40.62 crore in Q4 FY24, up 4.18% from Rs 38.99 crore reported in Q4 FY23.

On full year basis, the bank’s net profit jumped 38.06% to Rs 1,070.08 crore on 25.88% rise in total income to Rs 10,128.32 crore in FY24 over FY23.

Net interest income grew by 10.62% YoY to Rs 3,332.06 crore in FY24. The bank said that it has achieved highest NIM of 3.31% in the last 18 years.

On the asset quality front, the ratio of gross NPAs to gross advances was at 4.50% as on 31 March 2024 as compared to 5.14% as on 31 March 2023. The ratio of net NPA to net advances stood at 1.46% as on 31 March 2024 as against 1.86% as on 31 March 2023.

The bank’s retail deposit grew by 9.07% YoY to Rs 97,743 crore as on 31 March 2024 from Rs 89,615 crore as on 31 March 2023. Gross advances was at Rs 80,426 crore as on 31 March 2024, up 11.56% as against Rs 72,092 crore reported in the same period a year ago.

CASA was at Rs 32,693 crore as on 31 March 2024, up 8.16% YoY. CASA ratio stood at Rs 32.08% as on 31 March 2024 as against 32.98% as on 31 March 2023.

Seshadri, MD & CEO of the bank, said, “The strategy adopted by the bank continues to enable the business performance. During the period, bank registered growth in all the desired segments with a focus on quality asset across all verticals corporate, SME, Auto loan, credit card, personal loan, gold loan etc.

He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the bank could on board fresh advances with low risk profile.”

South Indian Bank provides retail and corporate banking, Para banking activities such as debit card, third party product distribution, in addition to treasury and foreign exchange business. As on 31 March 2024, the bank had a network of 955 branches and 1,188 ATMs across the country.