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South Indian Bank has dipped 6% to Rs 23.85 on the BSE in early morning trades after the bank reported a sharp 48% year-on-year (yoy) decline in standalone net profit at Rs 65 crore for the quarter ended June 2015 (Q1). The private sector lender had posted a profit of Rs 127 crore in the same quarter a year ago.
Net interest income (the difference between interest earned and interest expended) remained flat at Rs 340 crore over the previous year's corresponding quarter. Other income (non interest income) declined to Rs 104 crore from Rs 121 crore during the same period.
The bank’s gross non-performing assets (NPA) rose to 1.85% in the June quarter from 1.71% in the March quarter and 1.50% in the year-ago period.
Net NPA also increased to 1.21% in the June quarter from 0.96% in the preceding quarter and 0.91% in the previous year's quarter.
The stock hit a low of Rs 23.60 so far and has seen a combined 2.89 million shares changing hands on the counter on the BSE and NSE till 0927 hours.
Net interest income (the difference between interest earned and interest expended) remained flat at Rs 340 crore over the previous year's corresponding quarter. Other income (non interest income) declined to Rs 104 crore from Rs 121 crore during the same period.
The bank’s gross non-performing assets (NPA) rose to 1.85% in the June quarter from 1.71% in the March quarter and 1.50% in the year-ago period.
Net NPA also increased to 1.21% in the June quarter from 0.96% in the preceding quarter and 0.91% in the previous year's quarter.
The stock hit a low of Rs 23.60 so far and has seen a combined 2.89 million shares changing hands on the counter on the BSE and NSE till 0927 hours.
