 "South Indian Bank up 5% after Q2 profit climbs 18% YoY; check details here")
South Indian Bank Q2 impact: Private lender South Indian Bank shares rose as much as 5.42 per cent to hit an intraday high of Rs 25.25 per share on Wednesday, October 16, 2024.
The up move in South Indian Bank share price came after the lender announced a strong set of September quarter of financial year 2025 (Q2FY25) results.
South Indian Bank’s standalone net profit zoomed 18.2 per cent year-on-year (Y-o-Y) to Rs 324.7 crore in the September quarter of financial year 2025 (Q2FY25), from Rs 274.8 crore in the same quarter a year ago (Q2FY24).
Meanwhile, Net Interest Income (NII) soared 6.2 per cent year-on-year to Rs 882.3 crore in the September quarter of FY25, from R 830.6 crore in the September quarter of FY24.
In terms of asset quality, gross non performing assets (GNPA) improved to 4.40 per cent in Q2FY25, from 4.50 per cent in Q1FY25. Similarly, the net non performing assets (NNPA) stood at 1.31 per cent in Q2FY25, as against 1.44 per cent in Q1FY25.
In absolute terms, Gross NPA stood at Rs 3,731.3 in Q2FY25 versus Rs 3,719.87 crore in Q1FY25. The bank’s Net NPA, meanwhile, came in at Rs 1,073.1 crore in the September quarter of FY25, as opposed to Rs 1,151.5 crore in the June quarter of FY25.
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The bank’s provisions remained mostly flat sequentially. In Q2FY25, provisions stood at Rs 110 crore, as against Rs 113 crore in the previous quarter of the same financial year (Q1FY25).
Founded in 1929, South Indian Bank was the first scheduled bank among private banks in Kerala. With a robust presence in South India, particularly in Kerala, the bank offers a range of services, including retail and corporate banking, para banking activities like debit cards and third-party financial product distribution, as well as treasury and foreign exchange services.
The market capitalisation of South Indian Bank is Rs 2,337.27 crore, according to BSE.
The 52-week high of South Indian Bank is Rs 36.91 per share while its 52-week low is Rs 21.21.
At 1:16 PM, shares of South Indian Bank were trading 3.34 per cent higher at Rs 24.75 per share. In comparison, BSE Sensex was trading 0.33 per cent lower at 81,546.25 levels.