South Indian Bank’s Q3 Profit Rises by 9.6 per cent

Destination-Kerala-SIB

Kochi: The Net profit of South Indian Bank rose 9.59 per cent to Rs. 111.38 crore in the quarter ended December 2016 as against Rs. 101.63 crore during the same period in 2015. Net Interest Income (NII) stood at Rs. 417.52 crore, registering a growth of 2.65 per cent against Rs. 406.72 crore a year ago.

The total income has also increased to Rs. 1,737.47 crore during the quarter under review as against Rs. 1,560.98 crore in the year-ago period. NRI deposit increased by 20.28 per cent despite slowdown in NRI remittances.

“Post demonetisation, the bank has collected around Rs. 3000 crore mainly through CASA,’’ said V G Mathew, MD & CEO of the bank, adding that it represented about 26 per cent growth over second quarter. The operating profit of the bank also recorded 43 per cent growth.

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