South Indian Bank shares gain 6% after Q1 net profit rises 45% YoY

South Indian Bank informed the exchanges that its net profit for Q1FY25 increased over 45% to ₹293.9 crore on a year-on-year basis from ₹202.58 crore in Q1FY24. In Q1FY25, the bank’s net profit increased more than 2% on a quarter-on-quarter basis from ₹287.33 crore in Q4FY24.

The private sector lender’s consolidated total income for Q1FY25 grew over 14% to ₹2,735.96 crore compared to ₹2,386.06 crore in Q1FY24. Sequentially, the bank’s total income increased over 4% from ₹2,620.55 crore in Q4FY24.

The bank’s standalone net interest income (NII) for the June quarter of FY25 stood at ₹866 crore increasing by 7% on a year-on-year basis from ₹808 crore in the June quarter of FY24. On a QoQ basis, the bank’s NII fell by 1% in Q1FY25 from ₹875 crore in Q4FY24.

South Indian Bank’s Net Interest Margin (NIM) fell by 8 bps YoY in Q1FY25 to 3.26% compared to 3.34% in Q1FY24. The bank’s NIM fell by 12 bps QoQ from 3.38% in Q4FY24.

In Q1FY25, the bank’s Net Non-Performing Assets (NNPA) improved by 41 bps to 1.44% from 1.85% in Q1FY24. The bank's NNPA ratio improved in Q1FY25 by 20 bps from 1.46% in Q4FY24.

The Current Account Savings Account (CASA) deposits grew by 6.51% to ₹33,196 crore in Q1FY25 compared to ₹31,166 crore in Q1FY24. South Indian Bank’s CASA ratio decreased 58 bps YoY to 32.06% in Q1FY25 from 32.64% in the corresponding quarter of the preceding fiscal.

South Indian Bank Q1FY25 deposits and advances

South Indian Bank’s retail deposits grew by 8.37% YoY to ₹99,745 crore in Q1FY25 from ₹ 92,043 crore in Q1FY24. The bank’s NRI deposits grew by 6.06% in Q1FY25 to ₹30,102 crore compared to ₹28,382 in the corresponding quarter of the preceding fiscal.

In Q1FY25, the bank’s gross advances increased 11.44% YoY to ₹82,580 crore from ₹74,102 crore in Q1FY24. In the June quarter of FY25, the bank’s personal Loan book grew 19.5% QoQ to ₹2,312 crore compared to ₹1,935 crore in the March quarter of FY24.

South Indian Bank shares are trading at ₹27.10 apiece, up 2.2%, on the NSE at 3:15 pm on July 19.