South Indian Bank posts Q1 net profit at Rs73cr; stock surges 5%

The interest income of the bank also rose to Rs1,894.85cr in the quarter under review from Rs1,653.9cr in April-June 2018.

Jul 26, 2019 05:07 IST India Infoline News Service

South Indian Bank
Shares of South Indian Bank jumped 5% on the BSE in the morning trade. The bank reported a net profit of Rs73cr for the quarter ending June on higher interest income and a fall in bad loan provisions. The bank posted a net profit of Rs23cr in the same quarter of the previous fiscal.

The bank’s total income stood at Rs2,076.76cr in Q1FY20 against Rs1,799.81cr on a yoy basis.

The interest income of the bank also rose to Rs1,894.85cr in the quarter under review from Rs1,653.9cr in April-June 2018.

Gross NPAs rose to 4.96% of the gross advances at the end of June 2019 from 4.54% in the year-ago same period. Net NPAs were 3.41% vs. 3.27%, the bank said in the filing.

South Indian Bank Ltd is currently trading at Rs12.95, up by Rs0.6 or 4.86% from its previous closing of Rs12.35 on the BSE.

The scrip opened at Rs12.75 and has touched a high and low of Rs13.40 and Rs12.70 respectively.

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