South Indian Bank's Q4FY16 standalone net profit jumps four fold yoy to Rs.72.97 crore : Misses Estimates

The bank’s standalone NII stood at Rs. 374.29 crore, up 7.84% yoy but down 7.97% qoq.

May 11, 2016 1:25 IST | India Infoline News Service
South Indian Bank, Thrissur-based state-owned bank, reported standalone net profit of Rs.72.97 crore for the quarter ended March 31, 2016, registering growth of 347.12% yoy, but decline of 28.2% qoq. It's  Net Interest Income (NII) for the quarter stood at Rs. 374.29 crore, clocking growth of 7.84% yoy, but declining 7.97% qoq

Gross non-performing assets (GNPA) for the quarter stood at 3.77% up 206 bps yoy and 102 bps qoq. Provisions at Rs.116.25crore, lower by 15.6% yoy but higher by 9.27% qoq.

For the year ended March 31, 2016, the bank reported net profit of Rs. 333.27 crore, registering growth of 8.49% yoy. It's NII for the current period of Rs. 1,509.70 crore was up  10.5% yoy.

Provisions during the period at Rs. 369.62 crore were lower by 10.73% yoy.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Standalone Revenue 374.29 402 [6.89]
Standalone Net Profit 72.97 92 [20.68]

Bloomberg estimated the company’s standalone net profit at Rs. 1,024.83 crore.

Corporate Action: South Indian Bank has recommended a dividend of Re. 0.50 value of Re. 1/- each (Previous Year Re.0.60 per equity share) for the financial year ended March 31, 2016, subject to the approval of the shareholders of the Bank. The dividend, if approved by the shareholder at the ensuing Annual General Meeting (AGM), will be paid within 30 days from the date of AGM

Stock Commentary:

South Indian Bank Ltd is currently trading at Rs. 18, up by 0.05 points or 0.28% from its previous closing of Rs. 17.95 on the BSE.

The scrip opened at Rs. 17.9 and has touched a high and low of Rs. 18.25 and Rs. 17.7 respectively. So far 6891610(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2423.8 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 25.9 on 06-Jul-2015 and a 52 week low of Rs. 16.4 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 18.2 and Rs. 17.65 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 51.62 % and 48.38 % respectively.

The stock is currently trading below its 200 DMA.

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