South Indian Financial institution cuts loss to Rs 50 crore

Personal sector lender South Indian Financial institution reported Rs 50.3 crore web loss within the December quarter, owing to fall in each curiosity revenue and different revenue whereas its asset high quality deteriorated sharply. The loss was nonetheless 45 per cent much less in comparison with the yr in the past interval’s lack of Rs 91.6 crore.

Its working revenue dipped 16 per cent at Rs 280 crore as towards Rs 332 crore. Internet curiosity revenue fell 4 per cent at Rs 573 crore over the identical interval.

Internet curiosity margin, a key profitability parameter, remained flat at 2.64 per cent within the quarter below overview in comparison with the yr in the past interval.

The financial institution’s gross non-performing belongings rose to six.56 per cent on the finish of December 2021 towards 4.9 per cent a yr again. Internet NPA rose to three.52 per cent from 2.12 per cent. Regardless of greater stress on asset high quality, the financial institution has made decrease provisions at Rs 330 crore within the quarter towards 424 crore within the corresponding interval in 2020.

Its advances fell 7 per cent to Rs 57409 crore. The financial institution’s capital adequacy ratio remained wholesome at 15.68 per cent.

Supply hyperlink