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South Indian Bank reported a strong Q4 FY26 with net profit of ₹408 crore (up 19% YoY) and full-year PAT of ₹1,455 crore (up 12% YoY). Asset quality improved sharply: gross NPA fell 177 bps YoY to 1.43% and net NPA to 0.29%. Slippage ratio was a record low 15 bps for the quarter. Growth was driven by a 46% surge in gold loans (now ₹24,729 crore) and a shift toward retail/MSME. NIM improved to 2.95% on better mix. Management guided for 15-16% loan growth in FY27 and expects NIM to widen further. Key risk: credit costs may rise from current unsustainably low levels (3 bps this quarter) due to geopolitical uncertainties.
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Guidance to track
- Management aims to grow advances at 15-16% in FY27, matching or exceeding industry growth.
- NIM improved 9 bps QoQ to 2.95% in Q4; management expects further improvement from asset mix shift and deposit repricing.
- Management targets positive operating leverage in FY27, with revenue growth outpacing expense growth.
- Medium-term target to bring corporate exposure down from 38% to about one-third of the loan book.
Risks flagged
- Credit cost was only 3 bps in Q4, unsustainably low. Management expects it to trend upward due to geopolitical stresses.
- A sharp drop in gold prices could erode collateral margins on the large gold loan book (₹24,729 crore). Management uses VaR and margin calls but extreme moves remain a risk.
- MD & CEO's term ends Sep 30, 2026. Board search is ongoing; any delay or unfavorable outcome could impact strategic continuity.
- Transition to expected credit loss (ECL) norms may require higher provisions, though management expects no material impact.
Key quotes
- We are branching out from corporate into the retail and MSME side of the house and we are doing a lot of work to broaden out the fee base.
- Our aim is to ensure that we continue to have positive operating leverage. We are very thrilled that we've had positive operating leverage two years running and we'd like to make that a third year.
- Credit cost for this quarter was three basis points. I don't think the credit cost can be lower than this on an organic basis under normal circumstances.
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