MUMBAI: Kerala-based South Indian Bank had reported 12% growth in net income at Rs 342 crore for the December quarter, compared to Rs 305.4 crore booked in the year-ago period.
The bank’s chief executive officer PR Seshadri attributed the record high quarterly income to better asset quality and recoveries. Gross NPAs came down by 44 basis points (bps) from 4.74% to 4.30% while net NPAs dropped by 36 bps from 1.61% to 1.25%, he said.
Net interest income went up from Rs 819 crore to Rs 869.26 crore, registering 6.13% growth.
Retail deposits grew 7.7% to Rs 1,02,420 crore, of which NRI portion grew 6.5% to Rs 31,132 crore and the low-cost CASA component grew 4.13% .
Advances grew 12% to Rs 86,966 crore driven by corporate loans, personal loans rose 2.9% to Rs 2,249 crore, gold loans inched up 10.4% to Rs 16,966 crore, housing loans soared 63% to Rs 8,195 crore and auto loans jumped 25% to Rs 1,938 crore.