South Indian Bank Q1 net profit declines to Rs 230.4 mn from Rs 1 bn
newsdepo.com
Kerala-based South Indian Bank has declared a net profit of Rs 23.04 crores for the first quarter of the financial year 2018-19 as against Rs 101.47 crores during the corresponding period last year. In a press release here, the bank said the reason for thSouth Indian Bank Q1 net profit declines to Rs 230.4 mn from Rs 1 bn
Kerala-based South Indian Bank has declared a net profit of Rs 23.04 crores for the first quarter of the financial year 2018-19 as against Rs 101.47 crores during the corresponding period last year. In a press release here, the bank said the reason for the decline in profit was the reduction in the Treasury trading profit by Rs 73 crores and incremental MTM (mark to market) provision in the Treasury Book by Rs 41 crore owing to adverse market conditions, besides incremental one-time employee cost of Rs 33 crore because of increase in gratuity ceiling and wage revision. «But for these, the net profit would have been Rs 119 crores for the first quarter,» the release said. Low-cost deposit grew by 4 per cent, it said. The non-resident CASA (the ratio of deposits in current and saving accounts to total deposits) saw a growth of 5 per cent on a quarter-to-quarter basis, it said. The bank was continuing its focus on retail and MSME (Micro, Small & Medium Enterprises) ... Read more