The Thrissur based South Indian Bank has declared its highest ever quarterly net profit at ₹341.87 crore for Q3 of FY25, registering a 12 per cent growth. The net profit in Q3 of FY24 was ₹305.36 crore.
“The biggest contributors to the growth this quarter have been the retail and MSME, which we are expanding aggressively. While there has been some growth in the corporate segment as well, our primary focus remains on retail and MSME, as we see strong potential in these areas for sustained growth”, P R Seshadri, MD & CEO told businessline in an interaction.
“We are pleased with our performance this quarter and remain committed to driving growth across retail, MSME, and housing segments. Our strategies are focused on achieving long-term sustainability, enhancing customer engagement, and maintaining a competitive edge”, he added.
On the NPA front, he said slippages reduced to 33 basis points, which is a considerable improvement compared to the previous year. Strong recoveries have played a key role in reducing net NPAs, including interest recovery, which has contributed to overall financial stability.
To a question, he said “our strategy has been consistent to reduce our reliance on corporate loans and grow our retail and MSME portfolios. This shift aligns with our goal of maintaining corporate exposure below industry peers, ensuring diversification and minimising risk”.
The operating profit for quarter increased by 9.39 per cent from ₹483.45 crore to ₹528.84 crore in Q3 FY 25. Gross NPA came down 44 bps from 4.74 per cent to 4.30 per cent on y-o-y basis, while net NPA dropped 36 bps from 1.61 per cent to 1.25 per cent on y-o-y basis. The net interest income went up from ₹819.03 crore to ₹869.26 crore, registering a growth of 6.13 per cent.
Retail deposit grew by ₹7,332 crore from ₹95,088 crore to ₹1,02,420 crore, an 8 per cent increase. NRI deposit grew by ₹1,896 crore from ₹29,236 crore Rs ₹31,132 crore, an increase of 6.49 per cent. CASA grew 4.13 per cent with growth in Savings Bank by 3.37 per cent and Current Account by 7.73 per cent respectively.