South Indian Bank Posts Profit Of ₹105 Crore In FY20
Money & Banking
South Indian Bank has reported a net profit of ₹105 crore for FY20 against ₹248 crore in the previous year.
The decline came as a result of MTM (Marked to Market) provisions of ₹₹255 crore for Security Receipts and Covid-related provisions of ₹76 crore, which saw Q4 position slipping into the red, despite an all-time high operating profit of ₹533 crore. The bank registered a net loss of ₹144 crore during Q4 against net profit of ₹71 crore in Q4 last year.
VG Mathew, MD & CEO, said that but for the one-off provisions, the bank would have registered net profit of ₹104 crore for the quarter and ₹351 crore for the year.
The gross NPA remained stable at 4.98 per cent (4.92 per cent for FY19) and net NPA improved from 3.45 per cent to 3.34 per cent. The Provision Coverage Ratio (PCR) improved markedly from 42.46 per cent to 54.22 per cent during FY20.
Net Interest Income expanded 19 per cent and the operating profit increased 63 per cent. Net Interest Margin improved by 8 bps.
The bank had extended moratorium to all eligible customers. He said 36 per cent of the advances are covered by moratorium. The CRAR also improved significantly from 12.42 per cent to 13.41 per cent during the year.
The focus remains firmly on the retail, agriculture and MSME portfolios, and the same is visible in the growth numbers.
Published on
June 26, 2020
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South Indian Bank has reported a net profit of ₹105 crore for FY20 against ₹248 crore in the previous year.
The decline came as a result of MTM (Marked to Market) provisions of ₹₹255 crore for Security Receipts and Covid-related provisions of ₹76 crore, which saw Q4 position slipping into the red, despite an all-time high operating profit of ₹533 crore. The bank registered a net loss of ₹144 crore during Q4 against net profit of ₹71 crore in Q4 last year.
VG Mathew, MD & CEO, said that but for the one-off provisions, the bank would have registered net profit of ₹104 crore for the quarter and ₹351 crore for the year.
The gross NPA remained stable at 4.98 per cent (4.92 per cent for FY19) and net NPA improved from 3.45 per cent to 3.34 per cent. The Provision Coverage Ratio (PCR) improved markedly from 42.46 per cent to 54.22 per cent during FY20.
Net Interest Income expanded 19 per cent and the operating profit increased 63 per cent. Net Interest Margin improved by 8 bps.
The bank had extended moratorium to all eligible customers. He said 36 per cent of the advances are covered by moratorium. The CRAR also improved significantly from 12.42 per cent to 13.41 per cent during the year.
The focus remains firmly on the retail, agriculture and MSME portfolios, and the same is visible in the growth numbers.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
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