CHENNAI: Private sector lender South Indian Bank on Thursday reported a net profit of Rs 374 crore in Q3FY26, up 9.3% from Rs 341.87 crore in Q3FY25, driven by growth in deposits and improved asset quality.
The Kerala-based bank’s retail deposits and NRI deposits rose to Rs 1,15,563 crore and Rs 33,965 crore, respectively, in the December quarter, from Rs 1,02,420 crore and Rs 31,132 crore in December 2024. CASA grew by 15% year on year, with Savings Bank deposits rising by 14% and Current Account balances by 20%.
Gross NPA declined by 163 basis points from 4.30% to 2.67% on a year-on-year basis, while net NPA dropped by 80 basis points from 1.25% to 0.45%.
The bank’s gross advances grew by Rs 9,798 crore, from Rs 86,966 crore to Rs 96,764 crore, registering an 11% rise.
The gold loan portfolio recorded a growth of 26%, increasing by Rs 4,337 crore from Rs 16,966 crore to Rs 20,952 crore, while vehicle loans grew by 24%, from Rs 1,938 crore to Rs 2,393 crore.
P R Seshadri, MD and CEO of South Indian Bank, said, “The bank’s well-defined strategy continues to underpin its strong business performance during the period. The Bank recorded healthy growth across all major segments – including corporate, MSME, housing, auto and gold loans – with a steadfast focus on maintaining asset quality.”
During the first three quarters of the financial year, the bank reported a net profit of Rs 1,048 crore, against Rs 961 crore in the corresponding period last year. Total income also increased to Rs 8,910 crore from Rs 8,281 crore in the first nine months of the previous financial year.