South Indian Bank's Q4 Net Profit Drops 14% to Rs. 288 Crore

South Indian Bank's Q4 net profit fell 13.88% to Rs 287.56 crore, with total income rising to Rs 2,621 crore. Despite the decline, the bank's annual net profit increased 38% to Rs 1,070 crore. The board has recommended a dividend of Rs 0.30 per equity share. Shares were down 6.01% on the BSE at Rs 28.92.

South Indian Bank on Thursday reported a 13.88 per cent decline in March quarter net profit to Rs 287.56 crore.

The private sector bank posted a net profit of Rs 333.89 crore in the January-March period of the 2022-23 fiscal year.

Total expenditure increased to Rs 2,187 crore in the March quarter, from Rs 1,757 crore in the same period a year ago, South Indian Bank said in a regulatory filing.

The bank's total income rose to Rs 2,621 crore in the fourth quarter of 2023-24, from Rs 2,318 crore in the year-ago period.

For 2023-24 fiscal, the bank's net profit rose 38 per cent to Rs 1,070 crore, from Rs 775 crore in the 2022-23 fiscal.

The bank's board has recommended a dividend of Rs.0.30 per equity shares of face value of Re 1 each (30 per cent) for the financial year ended March 31, 2024 Shares of South Indian Bank were trading at Rs 28.92, down 6.01 per cent over previous close on the BSE.

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