South Indian Bank Ltd. has released its unaudited financial results for the quarter and half year ending September 30, 2024, showing positive growth across key metrics.
The bank posted a net profit of ₹325 crore in the second quarter, marking an 18% year-on-year increase from ₹275 crore in the same period last year. This growth was driven by improved operational efficiencies and steady performance across its portfolio.
On the asset quality front, the bank saw improvements in both its gross and net non-performing assets (NPA). The gross NPA ratio stood at 4.40%, down from 4.50% in the previous quarter, while the net NPA ratio improved to 1.31% from 1.44% quarter-on-quarter, reflecting better risk management and recovery efforts.
The results demonstrate South Indian Bank’s ability to maintain profitability while managing its asset quality amid challenging market conditions. The bank remains optimistic about further improving its financial health in the coming quarters.
