20.8 C
New York

South Indian Bank posts all time high net profit of ₹272 crore in Q4

Published:

Money & Banking

Segments like business loans, gold loans and SME will be the key focus area for FY 23, says MD & CEO, Murali Ramakrishnan

South Indian Bank has posted an all-time high net profit of ₹272 crore for Q4 in FY 22 against ₹6.79 crore during the corresponding period of the previous year.

Murali Ramakrishnan, Managing Director & CEO said the bank could register growth in CASA and retail deposits on liability side and highly rated accounts in corporate segment, gold loan, auto loan on asset side.

During the year ended March 31, the bank could make a robust recovery and upgradation in NPA accounts amounting to ₹1,307 crore compared to ₹324 crore during the corresponding period of previous year and the same had helped the bank in substantially reducing the NPA levels.

The Capital Adequacy Ratio had improved from 15.42 per cent as on March 31, 2021 to 15.86 per cent as on March 31, 2022. GNPA registered a decline of 107 bps to 5.90 per cent as at March 31, 2022 compared to 6.97 per cent as at March 31, 2021. NNPA registered a decline of 174 bps to 2.97 per cent as at March 31, 2022 compared to 4.71 per cent as at March 31, 2021.

He added that the bank had seen major shifts over last one year in the key functional areas such as digital banking, asset structure, revamping branch structure, New Business Sourcing Channels, Data Science Capabilities, Learning & Development, Employee Engagement & Motivation and Collection & Recovery Mechanism.

Key focus

Segments like business loans, gold loans and SME will be the key focus area for FY 23, with strong backing of digital banking capabilities. The bank will continue to churn corporate banking book maintaining quality, well rated portfolio. “We are committed to scale up our business in a consistent and sustainable way”, he said.

The bank hopes to leverage the process of transformation and will endeavour to register stable and consistent performance.

Published on May 13, 2022

You May Also Like

Recommended for you

Related articles

Recent articles

spot_img