South Indian Bank shares jump 4% after Q2 net profit soars 18% to ₹325 crore

South Indian Bank reported an 18.1% increase in its consolidated net profit to ₹324.79 crore in the second quarter of the financial year 2024-25 (Q2 FY25).

In the year-ago period, the private bank had reported a profit after tax of ₹274.89 crore.

The total income rose 12.8% to ₹2,804.07 crore in the quarter ended September 2024, compared to ₹2,484.48 crore a year earlier.

The net interest income (NII) stood at ₹883.7 crore in Q2 FY25, up 6.3% from ₹830.6 crore in the corresponding period last year.

Quarter-on-quarter, the gross non-performing assets (NPA) declined to 4.40% from 4.50%. The net NPA declined to 1.31% from 1.44% in Q1 FY25.

South Indian Bank shares jump

The company's market capitalisation stands at ₹6,504.07 crore.

The stock has declined 7.8% in the past three months and gained 1.4% year-to-date.

On October 1, the lender informed shareholders in its business update for the September quarter that its gross advances grew by 13.07% to ₹84,741 crore from ₹74,947 crore in the year-ago period. The total deposits rose 8.6% to ₹1,05,455 crore in the latest September quarter from ₹97,085 in Q2 FY24.

The current account savings account (CASA) ratio stood at ₹31.85% in Q2 FY25, compared to 32.03% a year earlier.

The South Indian Bank is a prominent Kerala-based private-sector bank with a presence across the country. As of June 30, 2024, South Indian Bank has 955 branches, 3 satellite branches, 2 ultra small branches, 3 satellite branches, 132 CRMs, and 1166 ATMs across India, and a Representative Office in Dubai, UAE.

The bank offers various services, including retail and corporate banking, para banking services like debit cards and third-party financial product distribution, apart from treasury and foreign exchange services.