South Indian Bank's Q1 Profit Boosted by Improved Asset Quality

South Indian Bank announced a 10% increase in profit, reporting Rs 322 crore for the first quarter of the fiscal year. This growth stems from enhanced asset quality and a notable reduction in non-performing assets (NPAs).

The bank's total income for the June quarter soared to Rs 2,984 crore from Rs 2,736 crore in the same period of the previous fiscal year. Interest earned by the bank also saw a rise, reaching Rs 2,362 crore compared to Rs 2,314 crore in the previous year.

Key financial indicators showed significant improvement, with operating profit escalating to Rs 672 crore and the capital adequacy ratio climbing to 19.48%. The decline in gross NPAs to 3.15% and net NPAs to 0.68% indicate a strengthened financial position.

(With inputs from agencies.)