Conference Call with South Indian Bank Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
South Indian Bank announced Q3FY24 results: Key Highlights: Operating profit for the quarter increased by 137.87% from Rs 203.24 crore in Q3FY23 to Rs 483.45 crore in Q3FY24 Net profit of the Bank for quarter increased by 197.19% from Rs 102.75 crore in Q3FY23 to Rs 305.36 crore in Q3FY24 GNPA came down by 74 bps from 5.48% to 4.74% on a YoY basis NNPA came down by 65 bps from 2.26% to 1.61% on a YoY basis Return on Equity for the quarter improved by 996 bps from 6.42% to 16.38% YoY basis Return on Assets for the quarter increased by 68 bps from 0.39% to 1.07% YoY basis Provision Coverage Ratio (PCR) improved by 346 bps from 74.51% in Q3FY23 to 77.97% in Q3FY24 Capital adequacy of the Bank stood at 15.60% in December 2023. Deposits: Retail Deposit grew by Rs 6,428 crore from Rs 88,660 crore to Rs 95,088 crore YoY showing an increase of 7.25% on a YoY basis NRI Deposit grew by Rs 1,272 crore from Rs 27,964 crore to Rs 29,236 crore YoY showing an increase of 4.55% on a YoY basis CASA grew by 2.83% on a YoY basis with growth in Savings Bank by 2.81% and CD by 2.96% respectively Advances: Gross advances grew by Rs 7,569 crore from Rs 70,117 to Rs 77,686 crore showing an increase of 10.80% on a YoY basis Corporate Segment grew by Rs 7,718 crore from Rs 22,174 crore to Rs 29,892 crore showing an increase of 34.81% on a YoY basis, in well rated borrower accounts Share of A and above rated accounts in large corporate segments stood at 96% Personal Loan book grew by Rs 578 crore from Rs 1,609 crore to Rs 2,186 crore showing an increase of 35.91% on a YoY basis Gold Loan portfolio grew by Rs 2,316 crore from Rs 13,053 crore to Rs 15,369 crore showing an increase of 17.74% on a YoY basis More than 3,77,000+ Credit Cards were issued with outstanding book of Rs 1,427 crore as of December 2023 P R Seshadri, MD & CEO of the Bank, while announcing the results, stated that, "the strategy adopted by the Bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality assets across all verticals Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan etc." He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile. Result PDF
Conference Call with South Indian Bank Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
South Indian Bank announced Q2FY24 results: 1. Financial Performance: - South Indian Bank declared a net profit of Rs 275 crore for Q2FY24, marking a growth of 23.2% compared to the previous year. - Net interest income increased by 14.3% on a YoY basis, reaching Rs 830 crore. - Gross advances grew by 10.3% on a YoY basis, amounting to Rs 74,947 crore. - NPA ratios improved, with the gross NPA percentage decreasing from 5.67% to 4.96% and the net NPA percentage dropping from 2.51% to 1.70% on a YoY basis. 2. Deposits: - Retail deposits increased by Rs 6,337 crore, reaching Rs 93,448 crore, showing a growth of 7.3% on a YoY basis. - NRI deposits grew by Rs 1,285 crore, reaching Rs 28,785 crore, showing a growth of 4.7% on a YoY basis. - CASA (Current Account and Savings Account) saw a 1.8% growth on a YoY basis. 3. Loan Portfolio: - Personal loan book witnessed a growth of 48.1% on a YoY basis, increasing from Rs 1,423 crore to Rs 2,107 crore. - Gold loan portfolio grew by 16.2% on a YoY basis, reaching Rs 14,998 crore. - The bank issued over 3,32,000 credit cards with an outstanding book of Rs 1,164 crore as of September 2023. 4. Recovery and Upgradation of NPA Accounts: - Recovery and upgradation in NPA accounts increased from Rs 374 crore in Q2FY23 to Rs 475 crore in Q2FY24. P R Seshadri, MD & CEO of the Bank, stated, "The strategy adopted by the bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality asset across all verticals Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan etc." He also stated that, "in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile of around 64% of its advances portfolio since October 2020 amounting to Rs 48,246 crore with a GNPA of only 0.18%.." Result PDF
South Indian Bank announced Q1FY24 results: Operating profit for the quarter increased by 54.74% from Rs 316.82 crore in Q1FY23 to Rs 490.24 crore in Q1FY24 Net profit of the Bank for the quarter is up by 75.42% from Rs 115.35 crore in Q1FY23 to Rs 202.35 crore in Q1FY24 GNPA came down by 74 bps from 5.87% to 5.13% on YoY basis NNPA dropped by 102 bps from 2.87% to 1.85% on a YoY basis Net interest income went up from Rs 603.38 crore to Rs 807.77 crore, registering a growth of 33.87% on YoY basis NIM improved by 60 bps from 2.74% to 3.34% on YoY basis Return on Equity improved by 412 bps from 7.68% to 11.80% YoY basis Return on Assets increased by 27 bps from 0.46% to 0.73% YoY basis Recovery and upgradation in NPA accounts increased from Rs 296.23 crore in Q1FY23 to Rs 361.71 crore in Q1FY24 Capital adequacy of the Bank stood at 16.49% in Q1FY24 compared to 16.25% in Q1FY23 Murali Ramakrishnan, MD & CEO of the Bank, said, "The strategy adopted by the Bank continue to enable the business performance. During the period, the Bank could register growth in all the desired segments with focus on building quality asset across all verticals like Corporate, SME, Auto Loan, croreedit Card, Personal Loan, Gold Loan." He also stated that, 'in line with the strategic intent of the Bank viz, “Profitable growth through quality croreedit”, the Bank could churn around 61% of its advances portfolio since October 2020 amounting to Rs 45,268 croreore with a GNPA of only 0.16%.' Result PDF