South Indian Bank sets History with a record Net Profit of Rs. 1,070 Crore and recommends Dividend of 30%.
South Indian Bank declared net profit of Rs. 1,070.08 Cr. for the FY 23-24 registering a growth of 38.06% compared to Rs. 775.09 Cr. in FY 22-23.
While declaring the results Mr. P R Seshadri, MD & CEO added that, the Bank achieved its highest ever performance in the following areas.
Ø Highest ever Business of Rs. 1,82,346 Cr. in the history of the Bank
Ø Highest ever Net Profit of Rs. 1,070.08 Cr. in the history of the Bank
Ø Highest ever Net Interest Income of Rs. 3,332.06 Cr. in the history of the Bank
Ø Highest ever CRAR of 19.91% in the history of the Bank
Ø Highest ever Provision Coverage Ratio (including write off) of 79.10%
Ø Highest NIM of 3.31% in the last 18 years
Ø Highest Return on Assets of 0.91% in the last 10 years
Ø Highest Return on Equity of 12.13% in the last 10 years
Key Highlights
o Operating Profit of the year increased by 23.91% from Rs. 1,507.33 Cr. in FY 23 to Rs. 1,867.67 Cr. in FY 24
o GNPA came down by 64 bps from 5.14% to 4.50% on Y-o-Y basis
o NNPA came down by 40 bps from 1.86% to 1.46% on Y-o-Y basis
o The Board of Directors had recommended 30% dividend subject to approval of the Share Holders in AGM.
o Deposits
Ø Retail Deposit grew by Rs. 8,128 Crore from Rs. 89,615 Crore to Rs. 97,743 Crore Y-o-Y showing an increase of 9.07% on Y-o-Y basis
Ø NRI Deposit grew by Rs. 1,538 Crore from Rs. 28,159 Crore to Rs. 29,697 Crore Y-o-Y showing an increase of 5.46% on Y-o-Y basis
Ø CASA grew by 8.16% on a Y-o-Y basis with growth in Savings Bank by 5.45% and CD by 21.84% respectively
o Advances
Ø Gross advances grew by Rs. 8,334 Crore from Rs. 72,092 to Rs. 80,426 Crore showing an increase of 11.56% on Y-o-Y basis
Ø Corporate Segment grew by Rs. 8,561 Crore from Rs. 23,523 Crore to Rs. 32,084 Crore showing an increase of 36.39% on Y-o-Y basis, in well rated borrower accounts
Ø Share of A and above rated accounts in large corporate segments stood at 98%
Ø Personal Loan book grew by Rs. 461 Crore from Rs. 1,820 Crore to Rs. 2,282 Crore showing an increase of 25.33% on Y-o-Y basis
Ø Gold Loan portfolio grew by Rs. 1,705 Crore from Rs. 13,808 Crore to Rs. 15,513 Crore showing an increase of 12.35% on Y-o-Y basis
Ø More than 4,25,000+ Credit Cards were issued with outstanding book of Rs. 1,620 Crore as at March 2024
