South Indian Bank tanks 18% on weak Q1 results

The stock tanked 18% to Rs 18.45, also its 52-week low on the BSE, after the private sector lender reported a sharp 77% year on year decline in its net profit at Rs 230 million in June quarter.

Shares of South Indian Bank have tanked 18% to Rs 18.45 per share, also their 52-week low on the BSE, after the private sector lender reported a sharp 77% year on year decline in its net profit at Rs 230 million in June quarter (Q1FY19). The bank had profit of Rs 1.01 billion in the corresponding quarter in the previous fiscal.

Net interest income of the bank during the quarter under review grew 7% at Rs 4.94 billion against Rs 4.61 billion in year ago quarter. Net interest margin (NIM) declined 20 bps (basis points) to 2.6% from 2.8%.