South Indian Bank net profit up 10-fold in Q1, asset quality improves

In Q1, South Indian Bank's gross advances saw a growth of 10.95 per cent compared to the same period last financial year

South Indian Bank (SIB) on Tuesday announced a ten-fold rise in net profit for the first quarter of the financial year 2022-23 (FY23) to Rs 115 crore. That is compared to Rs 10 crore during Q1FY22.

“Many parameters, starting with CASA, deposits and some segments of the advances have shown good numbers, which resulted in a higher net profit,” said Murali Ramakrishnan, managing director and chief executive officer of the Thrissur-based lender. In Q1FY23, the bank’s CASA grew by 17.92 per cent on a Y-o-Y basis. Deposits and current deposits by 18.12 per cent and 16.86 per cent

In Q1,