South Indian Bank back in black with Rs 272 crore profit

Kolkata: Sharply lower provisions helped South Indian Bank report a net profit of Rs 272 crore in the fourth quarter ending March 31 after two quarters of making losses even as its income fell for the reporting period.

The net profit was mere Rs 6.8 crore in the year-ago period.

Its operating profit was Rs 288 crore, compared to Rs 469 crore seen in the year-ago quarter. The bank set aside just about Rs 78 crore as provisions and contingencies in the fourth quarter against Rs 456 crore earlier.

This is in sync with the fall in stressed assets while the gross non-performing assets ratio improved to 5.9% at the end of March from 6.97% a year back.

Total income stood at Rs 1839 crore against Rs 2142 crore over the same period.

Its capital adequacy ratio was at a healthy 15.9% at the end of the reporting quarter.