South Indian Bank Q2FY18 standalone net profit declines 96% yoy to Rs.4.32 crore

India Infoline Research Team | October 10, 2017 12:36 IST

South Indian Bank Ltd Q2FY18

Standalone Results Q2FY18: (Rs. in crore)

Q2FY18 YoY (%)
NII 503 13.1
NPA (%) 3.57 [39]
Provisions 453. 253.6
Net Profit (adjusted) 4.32 [96.1]
***NPA change is bps
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Reco. Price

32

Last updated on

06-Oct-2017



South Indian bank reported its Q2FY18 numbers today. NII for the quarter rose by 13.1% yoy to Rs.503 crore in Q2FY18 vs Rs.445 crore in Q2FY17. This was largely due to 6% rise in interest earned in Q2FY18 to Rs.1536 crore.

In terms of asset quality, GNPA for the quarter rose by 1% to Rs.1766 crore in Q2FY18 vs Rs.1745 crore in previous year corresponding quarter. In percentage terms GNPA’s for the quarter declined by 39 bps to 3.57% vs 3.96% in Q2FY17. Also, Net NPA for the quarter declined by 20 bps to 2.57% in Q2FY18 vs 2.77% in Q2FY17.

Provisions for the quarter more than doubled to Rs.453 crore in Q2FY18 vs Rs.128 crore in Q2FY17. This substantial rise in provisions led to slump in bottom-line by 96% to Rs.4.32 crore in Q2FY18 vs Rs. 110 crore in Q2FY17.

Further, Advances for the quarter increased by 12% yoy to Rs.48954 crore in Q2FY18 vs Rs.43547.7 crore. While deposits for the quarter also increased by 11.5% yoy to Rs.67142 crore in Q2FY18 vs Rs.60191 crore in previous year corresponding quarter.

Technical View:

South Indian Bank Ltd is currently trading at Rs. 29.85, down by 2.2 points or 6.86% from its previous closing of Rs. 32.05 on the BSE.
The scrip opened at Rs. 32.30 and has touched a high and low of Rs. 32.30 and Rs. 29.40 respectively. So far 5,15,04,288(NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

BSE 32.10 0 (0%)
NSE 32.10 0 (0%)

***Note: This is a NSE Chart

 

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