Operating profit of the bank was at Rs 483.45 crore in Q3 FY24, up by 137.87% from Rs 203.24 crore in Q3 FY23. Operating margin has increased to 18.34% in the third quarter as compared with 10.90% in the same period last year.

Provisions (other than tax) and contingencies jumped 17.2% to Rs 48.55 crore in Q3 FY24 from Rs 41.43 crore in Q3 FY23.

Profit before tax in Q3 FY24 stood at Rs 305.36 crore, up by 197.19% from as compared with Rs 102.75 crore in Q3 FY23.

The banks GNPA came down by 74 bps from 5.48% to 4.74% on YoY basis. NNPA came down by 65 bps from 2.26% to 1.61% on YoY basis. Provision coverage ratio (PCR) improved by 346 bps from 74.51% in Q3 FY23 to 77.97% in Q3 FY24.

Bank’s retail deposit jumped 7.25%YoY to Rs 95,088 crore in Q3 FY24 from Rs 88,660 crore in Q3 FY23. Gross advances grew by Rs 7,569 crore from Rs 70,117 to Rs 77,686 crore showing an increase of 10.80% on Y-o-Y basis.

On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 3,682.40 crore as on 31 December 2023 as against Rs 3,843.57 crore as on 31 December 2022.

The ratio of gross NPAs to gross advances was at 4.74% as on 31 December 2023 as compared to 5.48% as on 31 December 2022. The ratio of net NPA to net advances stood at 1.61% as on 31 December 2023 as against 2.26% as on 31 December 2022.

The bank’s CASA was at Rs 31,529 crore in Q3 FY24, up 2.8% as compared with Rs 30,660 crore posted in Q3 FY23. CASA ratio stood at Rs 31.80% in Q3 FY24 as against 33.81% in Q3 FY23.

Capital adequacy ratio (CAR) was at 15.60 % in Q3 FY24 as compared with 16.25% recorded in the same period last year. The bank's return on assets (ROA) for Q2 FY24 stood at 1.05% as against 0.38% in Q3 FY23.

P R Seshadri, MD & CEO of the bank, while announcing the results, stated, “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 December 2020, the bank had a network of 948 Branches and 1182 ATMs across the country.

The scrip hit 52-week at Rs 31.93 in today’s intraday session.