NSIC signs MoU with South Indian Bank

National Small Industries Corporation (NSIC) has signed a memorandum of understanding (MoU) with South Indian Bank to facilitate loans to micro, small and medium enterprises. This would boost credit flow to the sector.

South Indian Bank has reported a rise of 22.39% in its net profit at Rs 93.38 crore for the quarter ended September 30, 2015 as compared to Rs 76.30 crore for the same quarter in the previous year. Total income has increased by 8.55% at Rs 1526.19 crore for quarter under review as compared to Rs 1405.95 crore for the quarter ended September 30, 2014.

The bank’s gross NPA for the July-September quarter of the current fiscal rose to 2.24%, as compared to 1.85% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 1.39% in Q2FY16.