South Indian Bank reported an 18% increase in profit for the second quarter of this fiscal, with earnings reaching Rs 325 crore. In comparison, the bank had posted net profit of Rs 275 crore during the same period last year

The bank's Net Interest Income (NII), measured by the difference between interest earned and interest expended, grew by 6.3% compared to the previous year, rising to Rs. 882.7 crore from Rs, 830.6 crore

The bank's total retail deposits grew approximately 9%, at Rs 1.01 lakh crore, while CASA (current and savings account) deposits grew 7.81% on year,to Rs 33,530 crore.

We are focussing on growing our retail and MSME segment, versus our corporate segment. We've also expanded in the recent past, but there is still some juice left, as some branches are not fully utilized. So maybe we will start our expansion again in the next fiscal", said P R Seshadri, MD & CEO of South Indian Bank.

Following the results, South Indian Bank's shares rebounded from intraday lows and are currently up by 3.3% at Rs 24.77

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Published on:Oct 17, 2024, 10:25:00 AM IST