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.