South Indian Bank Reports 11.4% Jump In Gross Advances In June Quarter

South Indian Bank Ltd.'s gross advances saw an 11.4% jump on a yearly basis to Rs 82,510 crore in the April–June quarter, according to provisional quarterly business updates filed with stock exchanges on Monday.

The bank reported an 8.4% advance in deposits at Rs 1.04 lakh crore in the first quarter, as compared to Rs 95,499 crore in the same period last year.

CASA ratio—the proportion of deposits that come from low-cost current and savings accounts—dipped marginally from 32.64% to 31.87%. 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 saving accounts is low.

Shares of South Indian Bank closed 0.37% higher at Rs 27.05 apiece, ahead of the announcement, as compared to a 0.56% advance in the benchmark BSE Sensex.