South Indian Bank Climbs 4% After Stellar Q1 Results, Profits Up 45%

South Indian Bank's Q1 FY25 net profit surged 45.2% to ₹294 crore, with significant growth in advances and deposits, improved asset quality, and a strong capital adequacy ratio.

Vinayak Hagargi
July 19, 2024
11:51 am
1 min read

South Indian Bank’s shares rose over 4% after announcing a substantial 45.2% increase in Q1 FY25 net profit to ₹294 crore, up from ₹202 crore last year, driven by reduced provisions.

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The bank’s net interest income climbed 7% to ₹808 crore, fueled by an 11% growth in total advances, despite a slight drop in net interest margin to 3.2%. Other income also saw a significant increase of 16.8% to ₹422 crore.

The stock’s performance reflected positively in the market, with a 4.1% increase to ₹27.6 in early NSE trading and a 4% rise to ₹27.5 on the BSE. Year-to-date, the stock has ascended by 11.2%, with a 29.6% increase over the past year.

Deposits at the bank grew by 8.4% reaching ₹1 lakh crore. This growth in deposits underscores the bank’s strengthening financial base and customer trust.

Asset quality improved as gross non-performing assets (NPAs) decreased to 4.50% from 5.13% a year earlier. Additionally, the bank maintained a strong capital adequacy ratio of 18.1% as of June 30, 2024, reflecting its robust financial health.

Vinayak Hagargi

Vinayak is a passionate financial markets enthusiast with 4+ years of experience. He has curated over 100 articles simplifying complex financial concepts. He has a unique ability to break down financial jargon into digestible chunks. Vinayak aims to empower newbies with relatable, easy-to-understand content. His ultimate goal is to provide content that resonates with their needs and aspirations.

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