Sumary of South Indian Bank Q1 results: Net profit drops 87% to Rs 10 crore:
- New Delhi: Private sector (SIB) on Thursday reported an 87.4 per cent year-on-year decline in net profit to Rs 10.31 crore for the June quarter as interest income fell while proportion of bad assets soared.
- The bank had posted a net profit of Rs 81.65 crore in the same quarter of the previous fiscal year 2020-21. However, there was a rise sequentially as net profit during January-March 2021 stood at Rs 6.79 crore.
- Its proportion of bad assets grew significantly, with the gross non-performing assets (NPAs) or bad loans jumping to 8.02 per cent of the gross advances as of June 30, 2021, as against 4.93 per cent in the year-ago period.