The private lender reported a net profit of ₹102.75 crore in the quarter ended December, compared to a net loss of ₹50.31 crore in the same period last year, and a profit of ₹223.1 crore in the September quarter, according to an exchange filing. Total operating income increased 13.59% to ₹1,898.27 crore in the quarter ended December, compared to ₹1,671.13 crore in the same period last year.
The bank's total deposits increased 2.6% year-on-year (y-o-y) to ₹90,672 crore, while the bank’s total advances grew 18.3% y-o-y to ₹67,920 crore. In the December quarter, the bank’s gross non-performing assets decreased 0.33% sequentially to ₹3,843.6 crore, while net non-performing assets decreased 7% to ₹1,529.9 crore.
The percentage of gross non-performing assets stood at 5.48% of gross advances in December, compared to 5.67% in the sequential quarter. Its net non-performing assets stood at 0.38% in December, compared to 0.85% in the previous quarter. The bank's provisions and contingencies fell 77% sequentially to ₹41.4 crore in Q3 FY23.
Its total Basel III capital adequacy ratio was at 16.25% at the end of the third quarter of FY23, up from 16.04% in the September quarter.
South Indian Bank shares on the NSE stood at ₹16.6 apiece, down 8.54% from its previous close.
