The South Indian Bank Ltd. SIB announces Q4 FY 22 net profit at Rs. 272.04 Crore with 3906% increase

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South Indian Bank had announced the Q4 results with an all-time high net profit of Rs. 272.04 Crore for Q4 as against Rs. 6.79 Crore during the corresponding period of the previous year with a Y-o-Y growth of 3906%.

Highlights of Q4 results

o   Deposits

–          Retail Deposits up by 9.58% Y-o-Y

–          Savings Deposits up by 22.06% Y-o-Y

–          Current Deposits up by 12.49% Y-o-Y

–          CASA up by 20.38% Y-o-Y

–          NRI Deposits up by 6.13% Y-o-Y

o   Advances

–          Agriculture Loans up by 14.46% Y-o-Y

–          Gold Loan portfolio up by 19.64% Y-o-Y

–          Auto Loans up by 29.76% Y-o-Y

–          Share of AAA rated accounts in large corporate segments (Rs.100 Crs and above) up by 16.34% Y-o-Y

Key Ratios

1)      CASA ratio had improved to 33.21% as at March 31, 2022 compared to 29.73% as at March 31, 2021.

2)      NIM had improved from 2.61% to 2.80% on Y-o-Y basis.

3)      Capital Adequacy Ratio had improved from 15.42% to 15.86% on Y-o-Y basis.

4)      The GNPA registered a decline of 107 bps to 5.90% as at March 31, 2022 compared to 6.97% as at March 31, 2021. NNPA registered a decline of 174 bps to 2.97% as at March 31, 2022 compared to 4.71% as at March 31, 2021.

5)      Provision Coverage Ratio had improved from 58.73% to 69.55% on Y-o-Y basis

 

 

Q4 – Q-o-Q growth                                                          Rs. in Crore

Quarter Ended Quarter Ended
31.03.22 31.12.21 Growth %
Retail Deposits 85,320 84,151 1,169 1.39%
Advance 61,816 59,226 2,590 4.37%
NRI Deposit 27,441 27,144 297 1.09%
Current Deposits 4,862 4,660 202 4.33%
Savings Deposits 24,740 23,569 1,171 4.97%
CASA 29,601 28,229 1,372 4.86%
Gross NPA % 5.90 6.56 -66 BPS
Net NPA % 2.97 3.52 -55 BPS
Provisions excl tax 77.71 346.37 -269 -77.56%
Net Profit after tax 272.04 (-)50.31 322 640.73%

 

Yearly – Y-o-Y growth                                                                              Rs. in Crore            

Year Ended Year Ended
31.03.22 31.03.21 Growth %
Retail Deposits 85,320 77,857 7,463 9.59%
Advance 61,816 59,418 2,398 4.04%
NRI Deposit 27,441 25,855 1,586 6.13%
Current Deposits 4,862 4,321 541 12.52%
Savings Deposits 24,740 20,269 4,471 22.06%
CASA 29,601 24,590 5,011 20.38%
Gross NPA % 5.90 6.97 -107 BPS
Net NPA % 2.97 4.71 -174 BPS
Provisions excl tax 1339.56 1574.94 -235 -14.95%
Net Profit after tax 44.98 61.91 -17 27.35%

Mr. Murali Ramakrishnan, MD & CEO of the Bank, while announcing the results said that during the year FY 22, Bank could register growth in the desired segments like CASA & Retail Deposits on liability side and highly rated accounts in Corporate Segment, Gold Loan, Auto Loan etc on asset side.

During the year ended March 31, 2022, the bank could make a robust recovery and upgradation in NPA accounts amounting to Rs.1307 Crore  compared to Rs.324 Crore  during the corresponding period of previous year and the same had helped the Bank in substantially reducing the NPA levels.

The Capital Adequacy Ratio of the Bank had improved from 15.42% as on March 31, 2021 to 15.86% as on March 31, 2022.

Mr. Murali added that, the Bank had seen major shifts over last one year in the key functional areas viz. Digital Banking, Asset Structure, Revamping Branch Structure, New Business Sourcing Channels, Data Science Capabilities, Learning & Development, Employee Engagement & Motivation and Collection & Recovery Mechanism.

Segments like business loans, Gold loans and SME will be the key focus areafor FY 23, with strong backing of our digital banking capabilities. The bank will continue to churn Corporate Banking book maintaining quality, well rated portfolio. We are committed to scale up our business in a consistent and sustainable way.

The bank hopes to leverage the process of transformation and will endeavor to register Stable and Consistent Performance.

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