South Indian Bank Q2 net up 31 per cent at Rs 127 crore

South Indian Bank on Thursday reported a 30.9 per cent growth year-on-year in net profit at Rs 127 crore for its second quarter than ended on September 30. The bank's gross NPAs, however, grew to 1.92 per cent, and net NPAs grew to 1.39 per cent.

The increase in the NPA was due to three accounts in the infrastructure sector, with a combined exposure of Rs 140 crore, V A Joseph, managing director and CEO of the bank, said in a release.

Stating that the net NPA figure moved up to 1.39 per cent in July-September, compared to 0.86 per cent and gross NPA to 1.92 per cent from 1.74 per cent, the release noted the bank was aiming to bring down net NPAs to below 1 per cent and gross NPAs to 1.5 per cent this fiscal year.

The Thrissur-based bank's advances increased 12. 27 per cent to Rs 32,132 crore in July-September and total business grew 12.67 per cent to Rs 75,610 crore and was set to touch Rs 92,000 crore mark this financial year, the release said.