South Indian Financial institution Q1 web revenue plunges 87% to Rs 10.31 cr, NPAs rise


Personal sector (SIB) on Thursday reported an 87.4 per cent year-on-year decline in web revenue to Rs 10.31 crore for the June quarter as curiosity revenue fell whereas proportion of dangerous property soared.

The financial institution had posted a web revenue of Rs 81.65 crore in the identical quarter of the earlier fiscal 12 months 2020-21. Nonetheless, there was an increase sequentially as web revenue throughout January-March 2021 stood at Rs 6.79 crore.

Complete revenue throughout Q1 FY22 got here right down to Rs 2,086.47 crore from Rs 2,171.86 crore in Q1 FY21, the financial institution mentioned in a regulatory submitting.

Curiosity revenue fell to Rs 1,633.39 crore from Rs 1,886.88 crore. Likewise, the revenue on investments and from different sources additionally dropped through the reported quarter.

Its proportion of dangerous property grew considerably, with the gross non-performing property (NPAs) or dangerous loans leaping to eight.02 per cent of the gross advances as of June 30, 2021, as in opposition to 4.93 per cent within the year-ago interval.

In worth phrases, the gross elevated to Rs 4,677.12 crore from Rs 3,245.44 crore.

Web additionally rose to five.05 per cent (Rs 2,854.64 crore) from 3.09 per cent (Rs 1,992.86 crore).

Provisions for dangerous loans and contingencies have been raised to Rs 497.97 crore for the June quarter of FY22 as in opposition to 293.08 crore for the year-ago interval.

Additional, the lender mentioned it has included a wholly-owned non-financial subsidiary ‘SIB Operations and Companies Ltd’ on Could 28, 2021. It has not but commenced enterprise, it added.

Scrip of SIB closed 1.83 per cent up at Rs 12.23 apiece on BSE.

(Solely the headline and film of this report might have been reworked by the Enterprise Normal employees; the remainder of the content material is auto-generated from a syndicated feed.)

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