South Indian Bank cracks 8 per cent over weak December quarter numbers

Shares of South Indian Bank slipped as much as 8.3 per cent to Rs 14.25 apiece in the intra-day trade on BSE after the company announced its December quarter results on Saturday.

Shares of South Indian Bank slipped as much as 8.3 per cent to Rs 14.25 apiece in the intra-day trade on BSE after the company posted a 27 per cent decline in net profit at Rs 83.85 crore for the third quarter ended December 31, 2018, on Saturday.
 
The bank had recorded a net profit of Rs 115 crore in the corresponding period of the previous financial year. Total income of the lender, however, improved to Rs 1,921.93 crore during the quarter under review, as against Rs 1,735.77 crore in the year-ago period, South Indian Bank said in a regulatory filing.

 
Gross non-performing assets (NPAs) rose to 4.88 per cent of the total advances, compared to 3.40 per cent at the end of the third quarter of 2017-18. Net NPAs also increased to 3.54 per cent in October-December 2018 from 2.35 per cent a year ago.
 

The total operating income of the bank rose 10.03 per cent to Rs 1735.16 crore in the quarter ended December 2018 as against Rs 1576.96 crore during the previous quarter ended December 2017. CASA (current and savings account ratio) has increased 12 per cent to Rs 18,905 cr in Q3FY19 from Rs 16,929 cr in Q3FY18. The net interest income rose 2 per cent to Rs 520 cr in December quarter of FY19 from Rs 509 cr in the year-ago period.

 
At 11:06 am, shares of South Indian bank were trading 7.72 per cent lower at Rs 14.35 on BSE. In comparison, the benchmark index Sensex was up 0.74 per cent or 265.52 points at 36,652 levels.