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Private sector South Indian Bank (SIB) on Thursday reported an 87.4% year-on-year (y-o-y) decline in net profit to Rs 10.31 crore for the June quarter. The bank had posted a net profit of Rs 81.65 crore in the same quarter of the previous fiscal year 2020-21.
Total income during Q1 FY22 came down to Rs 2,086.47 crore from Rs 2,171.86 crore in Q1 FY21, the bank said in a regulatory filing.
Interest income fell to Rs 1,633.39 crore from Rs 1,886.88 crore. Likewise, the income on investments and from other sources also dropped.
Its proportion of bad assets grew significantly, with the gross non-performing assets (NPAs) jumping to 8.02% of the gross advances as of June 30, 2021. In value terms, the gross NPAs increased to Rs 4,677.12 crore from Rs 3,245.44 crore. Net NPAs also rose to 5.05% (Rs 2,854.64 crore) from 3.09% (Rs 1,992.86 crore).