Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
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06/09/20264 min read
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Informative
South Indian Bank reports 45% net profit growth in Q1
Banking
South Indian Bank reported robust financial results for Q1 FY25, with a significant 45% year-on-year increase in net profit, reaching ₹294 crore compared to ₹202 crore in Q1 FY24. Operating profit also grew by 3.56%, from ₹490.24 crore to ₹507.68 crore. The bank's gross NPA decreased to 4.50% from 5.13% while net NPA reduced to 1.44% from 1.85%, indicating improved asset quality. Net interest income rose by 7.18% to ₹865.77 crore.\r
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PR Seshadri, MD & CEO, credited the bank's strategy focusing on quality asset growth across segments like corporate, auto loans, credit cards, and gold loans for the positive performance. Retail deposits grew to ₹99,745 crore, NRI deposits to ₹30,102 crore, and CASA saw a 6.51% increase. Gross advances expanded to ₹82,580 crore, with significant growth in corporate and personal loan portfolios. Capital adequacy improved to 18.11% in June 2024, reflecting strong capital management.
