Private lender South Indian Bank on Thursday reported a 22.7 percent year-on-year increase in net profit at Rs 333.9 crore for the fourth quarter that ended March 31, 2023. This is the highest ever net profit in the history of the bank. In the corresponding quarter last year, the bank posted a net profit of Rs 272 crore.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 43.4 percent, coming at Rs 857.2 crore against Rs 597.7 crore in the corresponding quarter of FY22, Thrissur-based lender said.

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Gross NPA stood at 5.14 percent in the March quarter against 5.48 percent in the December quarter. Net NPA came at 1.86 percent against 2.26 percent quarter-on-quarter, the bank said.

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In monetary terms, gross NPA stood at Rs 3,708.3 crore against Rs 3,843.6 crore quarter-on-quarter (QoQ), whereas Net NPA came at Rs 1,293.6 crore against Rs 1,529.9 crore (QoQ). Provisions stood at Rs 39 crore against Rs 77.7 crore (YoY).

The board of directors of the bank has recommended a dividend of Re 0.30 per equity share of face value of Re 1 each (30 percent) for the financial year ending March 31, 2023.

(Edited by : Pradeep John)

First Published:May 11, 2023 4:21 PM IST