South Indian Bank Ltd's Q3FY17 standalone net profit rises 9% yoy to Rs.111 crore : Misses Estimates

India Infoline Research Team | January 11, 2017 15:54 IST

South Indian Bank Ltd Q3FY17

Standalone Results Q3FY17: (Rs. in crore)

Q3FY17 YoY (%)
NII 418 7.7
NPA (%) 2.5 70
Provisions 207 95
Net Profit (adjusted) 111 8.8
***NPA change is bps

South Indian Bank  top-line and bottom line performance for Q3FY17 missed estimates. Provision for bad loans was higher than expected missing estimates again by 11%.

NII for the quarter grew by 7.7% yoy to Rs. 418 cr, led by loan book growth of 11.4%. However, it fell short of our estimates by ~6%.

Its NPA expanded by 70 bp yoy to 2.52%, due to slippages that stood at Rs 196 Cr from restructured book.

Provisions for the quarter rose by 95% yoy to Rs. 207 cr. It surpassed our estimated Rs 185 Cr loan provision.

The net profit increased 8.8% yoy to Rs. 111 cr and missed our estimate by 6%. The rise was led by gains in treasury income of Rs 31 Cr.

Technical View:

South Indian Bank Ltd is currently trading at Rs. 21.3, up by 0.35 points or 1.67% from its previous closing of Rs. 20.95 on the BSE.
The scrip opened at Rs. 21 and has touched a high and low of Rs. 21.8 and Rs. 20.9 respectively. So far 14817487(NSE+BSE) shares were traded on the counter. The stock is currently trading below its 100 DMA.

BSE 20.20 0.10 (0.50%)
NSE 20.20 0.10 (0.50%)

***Note: This is a NSE Chart

 

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