South Indian Bank on Friday reported a net profit of Rs 6.79 crore for the fourth quarter of FY21, against a loss of Rs 143.69 crore in the year-ago period, largely for the reason that of reduce provisioning for terrible loans. Provisions and contingencies for the fourth quarter stood at Rs 412.29 crore, compared with Rs 723.80 crore in the corresponding period of FY20 and Rs 499.48 crore in Q3 of FY21.
The Thrissur based lender had reported a net loss of Rs 91.62 crore for the duration of the third quarter of FY21. For the complete FY21, the bank has reported a net profit of Rs 61.91 crore, against Rs 104.59 crore in FY20.
The asset excellent deteriorated, with GNPA ratio seen at 6.97%, compared to 4.90% in the preceding quarter and 4.98% in the year-ago period. Net NPA ratio for Q4 was at 4.71%, against 2.1% in Q3 and 3.34% in Q4 of FY20.
The provision coverage ratio enhanced from 54.22% to 58.73% on a year-on-year (y-o-y) basis.
Murali Ramakrishnan, MD & CEO, mentioned the bank has been capable to meet the targeted levels of recovery or upgrades which have helped in containing the GNPA level in spite of larger slippages for the duration of the year on account of Covid.
He added that the reduce quarterly profit was mostly on account of credit price on the fresh slippages for the duration of the fourth quarter, as a outcome of added strain in the economy due to the pandemic.
The capital adequacy ratio stood at 15.42% as on March 31, 2021. The lender raised Rs 240 crore for the duration of the quarter which strengthened the widespread equity.
Total deposit base at the finish of the March quarter is seen larger by 9% y-o-y at Rs 69,827 crore, even though advances declined by 9% to Rs 59,418 crore.