Thrissur-based South Indian Bank posted a 75% year-on-year rise in net profit for the fiscal first quarter ended June to Rs 202.35 crore compared to Rs 115.35 crore a year ago.

The bank’s operating profit grew 55% YoY to Rs 490.24 crore in the April-June quarter.

Net interest income (NII) grew 34% to Rs 807.77 crore from Rs 603.38 crore a year before.

Net interest margin (NIM) improved by 60 basis points to 3.34% from 2.74%.

The bank’s gross non-performing asset (NPA) fell to 5.13% from 5.87% a year ago. 

Net NPA declined to 1.85% from 2.87%. 

Recovery and upgradation in NPA accounts increased to Rs 361.71 crore in the quarter ended June 2023, from Rs 296.23 crore in Q1 FY23.

The bank’s retail deposit grew to Rs 92,043 crore from Rs 86,460 crore, showing an increase of 6% on YoY basis. 

NRI deposits grew 3% to Rs 28,382 crore from Rs 27,598 crore a year before. 

CASA grew by 3% with growth in savings bank by 2% and current account by 6%.

The lender’s gross advances rose 15% YoY to Rs. 74,102 crore from Rs 64,705 crore in the year-ago quarter. 

The corporate segment grew to Rs 27,522 crore in the June quarter, up 48% from Rs 18,603 crore a year ago.

Gold loan portfolio jumped 21% YoY to Rs 14,478 crore from Rs 11,961 crore in Q1 of FY22.

Capital adequacy stood at 16.49% as of 30 June 2023, compared to 16.25% a year before.