South Indian Bank Q1 Updates: Gross Advances Up 8%

The South Indian Bank Ltd.'s gross advances jumped 8.02% on a yearly basis to Rs 89,201 crore in the April-June quarter, according to the provisional quarterly business update filed with the exchanges on Tuesday.

The bank reported a 9.07% growth in deposits at Rs 1.13 lakh crore in the first quarter, as compared to Rs 1.04 lakh crore in the same period last year.

During the same period, total current account saving account, or CASA, rose 9.06% year-on-year to Rs 36,204 crore.

The CASA ratio — the proportion of deposits that come from low-cost current and savings accounts — was stable at 32.06%. A higher CASA ratio indicates a lower cost of funds since lenders do not usually give any interest on current account deposits, and the interest on savings accounts is low.

Q4 Performance

South Indian Bank's net profit during the quarter ended March rose 57.6% to Rs 683 crore, compared to Rs 434 crore in the year-ago period. The net interest income—the difference of interest earned and interest paid— for the quarter fell 1% to Rs 868 crore.

South Indian Bank's asset quality also improved during the quarter under review, with the gross non-performing assets ratio declining to 3.20% from 4.30% in the January-March period.

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