South Indian Bank Profit Dips 38% to Rs 87 crore

New Delhi: South Indian Bank has registered a 38 per cent dip in its net profit at Rs 87.93 crore for the October-December quarter of this fiscal due to a steep hike in provisions for bad loans.

The bank had posted net profit of Rs 141.31 crore in the corresponding period of the previous fiscal (2013-14).

"Total income has increased from Rs 1,334.74 crore for the quarter ended December 31, 2013 to Rs 1,467.13 crore for the quarter ended December 31, 2014," the bank said in a filing to the BSE.

Provisions towards bad loans and contingencies rose to Rs 85.97 crore during the quarter, up from Rs 2.02 crore a year earlier.

Its gross Non-Performing Assets (NPAs) were at 1.8 per cent in third quarter of FY 2015 from 1.66 per cent a year ago.

Net NPAs stood at 1.04 per cent of the total advances, over 1.18 per cent in the previous fiscal Q3.

South Indian Bank shares closed at Rs 29.30 per share today 3.93 per cent lower than its previous close.