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South Indian Bank announced consolidated FY24 results:
- Highest ever Business of Rs 1,82,346 crore in the history of the Bank
- Highest ever Net Profit of Rs 1,070.08 crore in the history of the Bank
- Highest ever Net Interest Income of Rs 3,332.06 crore in the history of the Bank
- Highest ever CRAR of 19.91% in the history of the Bank
- Highest ever Provision Coverage Ratio (including write off) of 79.10%
- NIM of 3.31% in the last 18 years
- Return on Assets of 0.91% in the last 10 years
- Return on Equity of 12.13% in the last 10 years
- Retail Deposit grew by Rs 8,128 crore from Rs 89,615 crore to Rs 97,743 crore YoY showing an increase of 9.07% on YoY basis
- NRI Deposit grew by Rs 1,538 crore from Rs 28,159 crore to Rs 29,697 crore YoY showing an increase of 5.46% on YoY basis
- Operating Profit of the year increased by 23.91% from Rs 1,507.33 crore in FY23 to Rs 1,867.67 crore in FY 24
- GNPA came down by 64 bps from 5.14% to 4.50% on YoY basis
- NNPA came down by 40 bps from 1.86% to 1.46% on YoY basis
- The Board of Directors had recommended 30% dividend subject to approval of the Share Holders in AGM.
- CASA grew by 8.16% on a YoY basis with growth in Savings Bank by 5.45% and CD by 21.84% respectively
- Gross advances grew by Rs 8,334 crore from Rs 72,092 to Rs 80,426 crore showing an increase of 11.56% on YoY basis
Seshadri, MD & CEO of the Bank, while announcing the results, stated that the strategy adopted by the Bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality asset across all verticals Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan etc.
He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile.
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