Records Rs 775 Cr Best Ever Profit
Focus on building quality asset across all verticals like Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan, says Murali Ramakrishnan, MD & CEO.
NEW DELHI, May 13 (The CONNECT) – In its best ever permeance, South Indian Bank declared net profit of Rs. 775.09 Cr for the FY 22-23. Growth in net profit was1623.11% compared with the previous year.
Murali Ramakrishnan, MD & CEO of the Bank, while announcing the results, stated that the strategy of the Business by the Bank had contributed to the above performance. During the period, Bank could register growth in all the desired segments with focus on building quality asset across all verticals like 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 churn around 58% of its advances portfolio since October 2020 amounting to Rs. 41,566 Crore with a GNPA of only 0.09%.
Ramakrishnan said the bank achieved its highest ever performance all across.
- Highest ever business of Rs. 1,63,743.42 Cr in the history of the Bank
- Highest ever net profit of Rs. 775.09 Cr in the history of the Bank
- Highest ever net interest income of Rs. 3,012.08 Crore in the history of the Bank
- Highest ever CRAR of 17.25% in the history of the Bank
- Highest ever Provision Coverage Ratio (including write off) of 76.78%
- Highest NIM of 3.30% in the last 17 years
- Highest Return on Assets of 0.72% in the last 9 years
- Highest Return on Equity of 11.61% in the last 9 years
The Board of directors had recommended 30% dividend subject to approval of the Share Holders in AGM. Previously the dividend was declared in FY19 @ 25%.Operating profit of the year increased by 20.82% from Rs. 1,248.57 Cr in FY 22 to Rs. 1,507.33 Cr in FY 23, while recovery and upgradation in NPA accounts rose from Rs. 1464 Cr in FY22 to Rs. 1814 Cr in FY23. The GNPA came down by 76 bps from 5.90% to 5.14% on Y-o-Y basis and NNPA dropped by 111 bps from 2.97% to 1.86% on Y-o-Y basis.
The Board of directors had recommended 30% dividend subject to approval of the Share Holders in AGM.
During the foruh quarter of GY 23, the bank’s Net profit of the Bank for fourth quarter was up by 22.74% from Rs. 272.04 Cr in FY 22 to Rs. 333.89 Cr in FY 23. The operating profit of the fourth quarter shot up by 95.02% from Rs. 287.94 Cr in FY 22 to Rs. 561.55 Cr in FY 23
Yearly – Y-o-Y growth
Rs. in Crore
| Year Ended | Year Ended | |||
| 31-03-2023 | 31-03-2022 | Growth | % | |
| Gross Advance | 72,092 | 61,816 | 10,276 | 16.62% |
| Retail Deposits | 89,615 | 85,320 | 4,294 | 5.36% |
| NRI Deposit | 28,159 | 27,441 | 718 | 2.62% |
| Current Deposits | 4,986 | 4,862 | 124 | 2.55% |
| Savings Deposits | 25,241 | 24,740 | 501 | 2.03% |
| CASA | 30,227 | 29,602 | 625 | 2.11% |
| CASA % | 32.98% | 33.21% | -0.23% | -0.69% |
| Gross NPA % | 5.14% | 5.90% | -0.76% | -12.88% |
| Net NPA % | 1.86% | 2.97% | -1.11% | -37.37% |
| Net Interest Income | 3,012 | 2,240 | 772 | 34.48% |
| Other income | 813 | 1,034 | -221 | -21.42% |
| Operating Profit | 1,507 | 1,248 | 260 | 20.82% |
| Provisions excl. tax | 399 | 1340 | -940 | -70.21% |
| Profit before tax | 1108 | -92 | 1,200 | 1304.71% |
| Net Profit after tax | 775 | 45 | 730 | 1623.19% |
Rs. in Crore
| Quarter Ended | Quarter Ended | |||
| 31-03-2023 | 31-12-2022 | Growth | % | |
| Net Interest Income | 857 | 825 | 32 | 3.88% |
| Other income | 345 | -34 | 380 | -1110.44% |
| Operating Profit | 562 | 203 | 358 | 176.30% |
| Provisions excl. tax | 39 | 41 | -2 | -5.87% |
| Profit before tax | 523 | 162 | 361 | 222.93% |
| Net Profit after tax | 334 | 103 | 231 | 224.93% |
