South Indian Bank Q3 Update: Private sector South Indian Bank has today released the business update for the December quarter on January 1, 2025. The bank has reported an annual increase of 11.94 percent in gross advances in the third quarter. In the same period last year, the gross advances of the bank were ₹77686 crore, which increased to ₹86,965 crore. A rise of 0.48 percent was seen in the bank’s shares today and the stock closed at Rs 25.14 on BSE. The market cap of the bank is Rs 6,577.36 crore. The stock’s 52-week high is Rs 36.91 and 52-week low is Rs 22.27.
South Indian Bank’s total deposits increased by 6.28 percent
Total deposits of South Indian Bank increased by 6.28 per cent year-on-year to Rs 1,05,378 crore in the December quarter, compared to Rs 99,155 crore in the same quarter last year. The bank’s Current Account Savings Account (CASA) deposits also saw a marginal growth of 4.13%, increasing from ₹31529 crore to ₹32831 crore. CASA ratio in the third quarter stood at 31.16 percent, which is slightly less than 31.80% recorded in the same quarter last year.
6.3% jump in South Indian Bank’s NII
South Indian Bank’s net interest income (NII) increased by 6.3 per cent to Rs 882.7 crore from Rs 830.6 crore in the same quarter last year. Its net profit increased by 18.1 per cent to Rs 324.5 crore from Rs 274.8 crore in the same quarter last year. Other income for the quarter also increased to Rs 449 crore from Rs 355 crore in the same quarter last year.
Improvement in asset quality of South Indian Bank
The asset quality of South Indian Bank has improved on a quarterly basis. Its gross non-performing assets (NPAs) improved to 4.4% from 4.5%, while its net NPAs also improved to 1.31% from 1.44% in the June quarter. Provision remained stable at ₹110 crore in the June quarter, up from ₹113 crore.
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