Net interest margin (NIM) in Q1 FY24 improved by 60 bps YoY to 3.34% from 2.74% in Q1 FY23.

Non-interest income for the period under review added up to Rs 361 crore (up 47% YoY).

Operating profit increased by 55% to Rs 490 crore in Q1 FY24 from Rs 316 crore in Q1 FY23.

Provisions & Contingencies made during the first quarter of FY24 added up to Rs 199 crore (up 43% YoY).

Gross NPAs stood at Rs 3,804 crore as on 30 June 2023 as against Rs 3,799 crore as on 30 June 2022.

Gross NPA ratio was 5.13% as on 30 June 2023 as compared with 5.87% as on 30 June 2022.

Net NPA ratio was 1.85% as on 30 June 2023 as against 2.87% as on 30 June 2022.

Provision coverage ration as on 30 June 2023 was 90.86%.

While the bank's deposits increased by 8% to Rs 95,499 crore, advances rose by 15% to Rs 74,102 crore in Q1 FY24 over Q1 FY23. CASA for the period under review was Rs 31,166 crore (up 3% YoY).

Provision coverage ratio as on 30 June 2023 was 76.54% (up 643 bps YoY).

Murali Ramakrishnan, MD & CEO of the Bank, stated that the strategy adopted by the Bank continue to enable the business performance. During the period, the Bank could register growth in all the desired segments with focus on building quality asset across all verticals like corporate, SME, auto loan, credit card, personal loan, gold loan.

He also stated that, in line with the strategic intent of the Bank viz, “Profitable growth through quality credit”, the bank could churn around 61% of its advances portfolio since October 2020 amounting to Rs 45,268 crore with a GNPA of only 0.16%.

Capital adequacy of the Bank stood at 16.49% in June 2023 compared to 16.25% in June 2022. South Indian Bank is a leading Kerala-based Private sector bank with a nationwide presence. The bank has 941 branches, 1170 ATMs and 126 CDMs/CRMs across India and a representative office in Dubai, UAE.

The scrip tumbled 4.78% to currently trade at Rs 20.74 on the BSE.