Credit rating agency, CARE has reaffirmed ‘A+’ rating to South Indian Bank’s lower Tier II Bonds worth Rs 11.23 crore and ‘A1+’ rating to bank’s Certificate of Deposits worth Rs 1 crore. The ratings continue to factor in the bank’s long track record of operations, comfortable capitalisation levels and profitability parameters notwithstanding moderation in the recent past, good asset quality and stable growth in business. The ratings, however, are constrained by the bank’s moderate size of operations, moderate increase in restructured assets and regional concentration of business.
The bank’s net profit for the quarter ended June 30, 2014 rose by 10.28% at Rs 126.65 crore as compared to Rs 114.84 crore for the quarter ended June 30, 2013. Its total Income increased by 9.15% to Rs 1465.84 crore for the quarter under review from Rs 1342.88 crore for the corresponding quarter of the previous year.