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South Indian Bank soars 17% on 16-fold jump in Q2 net

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NEW DELHI: Shares of South Indian Bank climbed nearly 17 per cent in Tuesday’s trade after the private lender reported a 16-fold rise in profit at Rs 70.13 crore for the quarter ended September 30.

The bank had posted a profit of Rs 4.32 crore in the corresponding quarter last year.

The lender said its net NPAs for the quarter eased to 3.16 per cent from 3.27 per cent in the June quarter. Following the results, the stock rose 16.74 per cent to hit a high of Rs 14.71 on BSE.

Net interest income increased marginally by 0.65 per cent YoY to Rs 506.47 crore for the quarter under review against Rs 503.22 crore in the same period last year.

Provisions and contingencies declined to Rs 204.68 crore in Q2FY19 over Rs 453.68 crore in Q2FY18.

It was at Rs 231.53 crore in the sequential quarter ended June 30.

Percentage of gross non-performing assets stood at 4.61 per cent during the quarter against 4.54 per cent in the preceding quarter.

The figure was at 3.57 per cent in Q2FY18.




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