South Indian Bank’s shares rose by 4% to ₹24.9 on the NSE. The bank’s market value now stands at ₹6,504.07 crore. Despite a three-month decline of 7.8%, the shares have seen a year-to-date increase of 1.4%, showing resilience in its market performance.
The bank reported an 18% increase in net profit for Q2 FY25, reaching ₹324.79 crore, up from ₹274.89 crore the previous year. This significant profit boost is credited to robust core banking operations and effective asset management, underscoring the bank’s proactive financial strategies.
Also read: Indian Stocks See Biggest Outflow in 4 Years – Know More!
South Indian Bank’s total income also saw a notable rise, increasing 12.8% to ₹2,804.07 crore from ₹2,484.48 crore year-over-year. This growth is indicative of the bank’s successful expansion and its ability to attract a larger customer base through enhanced financial offerings.
The bank achieved a healthy increase in net interest income, which went up by 6.3% to ₹883.7 crore from ₹830.6 crore last year. This improvement plays a crucial role in strengthening the bank’s core financial activities and overall financial health.
Also read: WhatsApp Bans 84 Lakh Accounts in India, Details Here!
In terms of asset quality, the bank showed marked improvement with gross non-performing assets (NPAs) reducing to 4.40% from 4.50% and net NPAs decreasing to 1.31% from 1.44%. These figures represent enhanced risk management and healthier asset management.
South Indian Bank has significantly grown its operational scope, reporting a 13.07% increase in gross advances and an 8.6% rise in deposits. With 955 branches and over 1,166 ATMs across India, the bank continues to expand its reach and services, catering to a diverse clientele across the country.
