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SIB Q3 FY-23 net profit at Rs. 102.75 cr 

January 24, 2023 07:33 pm | Updated 07:33 pm IST - Thrissur

South Indian Bank (SIB) has declared its third quarterly results with a net profit of ₹102.75 crore against a loss of ₹50.31 crore during the corresponding period of the previous year.

Murali Ramakrishnan, MD & CEO of the bank, while announcing the results, said during the quarter ended December 31, 2022, the bank provided an additional provision for depreciation on Security Receipts (SR) related to SRs acquired prior to March 31, 2017, amounting to ₹311.74 crore pursuant to clarification on Master Direction of Transfer of Loan Exposure 2021 published by the RBI on December 5, 2022.

If this extraordinary provision related to SRs acquired prior to March 31, 2017, is not netted off, the bank would have registered a PBT (profit before Tax) of ₹474 crore and PAT (Profit after Tax) of ₹306 crore, recording the highest-ever quarterly profit declared by the bank.

Mr. Ramakrishnan stated that the strategy of realigning the business by the bank had contributed to the above improved performance. During the period, the bank could register growth in the desired segments of Liabilities like CASA & Retail Deposits and focus on building quality asset portfolio across all verticals like Corporate, SME, Auto Loan, Credit Card, Personal Loan, Gold Loan, etc.

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