After South Indian Bank’s Q1FY25 financial results were released on Thursday, the company’s shares increased by 6.4%, hitting a one-month high of ₹28.20 per share. For the June quarter, the bank’s standalone net profit increased by 45.30% to ₹294 crore from ₹202 crore during the same time the previous year.
For the quarter, the net interest margin was 3.26%, a little lower than the 3.34% recorded in Q1 FY24. In addition, other income was ₹422 crore, up 16.80% year over year.
Pre-provision operating profit increased year over year to ₹507.68 crore from ₹490.24 crore. In Q1FY25, provisions were reported at ₹113 crore, down from ₹199 crore in Q1FY24.
Regarding asset quality, the bank’s net non-performing assets (NPAs) decreased by 41 basis points to 1.44% and its gross non-performing assets (NPAs) decreased by 63 basis points to 4.50% annually.
As of 10:49 am, South Indian Bank were trading 2.90% higher at ₹27.20.
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