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South Indian Bank conducted a conference call on 19 July 2024 to discuss the financial results for the quarter ended June 2024. PR Sheshadri, MD & CEO of the company addressed the call:
Highlights:
The bank has recorded a 45% surge in the net profit to Rs 294 crore in Q1FY2025.
The deposits increased 8% to Rs 103532 crore with healthy growth in CASA deposits. The
CASA deposits of the bank have increased 7% to Rs 33195 crore end June 2024.
The loan book of the bank has increased 11% to Rs 82582 crore end June 2023. The business volume has increased 10% to Rs 186112 crore end June 2020.
The net interest margin was marginally lower at 3.26% in Q1 and the bank is focusing on tightly managing the cost of funds.
The provision coverage ratio excluding technical write-offs improved by 390 bps to 69.05% end June 2024. The provision coverage ratio including technical write off was at 79.22%.
The b...
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