South Indian Bank shares slip over 4% despite 18% rise in Q2 net profit

By: | Updated: October 7, 2016 2:36 PM

Shares of South Indian Bank slipped as much as 4.24 per cent on Friday despite the bank reported 18.36 per cent rise in net profit at Rs 110.52 crore for the quarter ended September 2016 against Rs 93.38 crore in the same quarter last year.

South Indian Bank, BSE, NSEShares of South Indian Bank slipped as much as 4.24 per cent on Friday despite the bank reported 18.36 per cent rise in net profit at Rs 110.52 crore for the quarter ended September 2016 against Rs 93.38 crore in the same quarter last year.

Shares of South Indian Bank slipped as much as 4.24 per cent on Friday despite the bank reported 18.36 per cent rise in net profit at Rs 110.52 crore for the quarter ended September 2016 against Rs 93.38 crore in the same quarter last year. Total income of the bank also increased by 4.58 per cent year-on-year to Rs 1596.08 crore for the quarter under review against Rs 1526.19 crore in the same quarter last fiscal.

The bank’s gross non-performing assets (NPA) for the July- September quarter of the ongoing financial year increased to 3.96 per cent, as compared to 2.24 per cent in the same quarter of the previous year. Besides, bank’s Net NPA stood at 2.27 per cent in Q2FY17.

At 2.23 pm, shares of South Indian Bank were trading 2.22 per cent down at Rs 24.20. The scrip opened the day at Rs 24.95 and had touched a high and low of Rs 25.55 and Rs 23.70, respectively, in trade so far.

Provisions and contigencies figures for the quarter ended September 2016 increased by 90.20 per cent to Rs 128.33 against Rs 67.47 crore in the corresponding quarter last year. Net interest margin of South Indian Bank increased by 14.63 per cent year-on-year to Rs 445.18 crore from Rs 388.35 crore during the same period.

For July-Sept period, operating profit of the bank stood at Rs 297.34 crore, up 39.58 per cent against Rs 213.03 crore in the same period last year.

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