Shares of South Indian Bank today plunged over 6 per cent after the company reported 96 per cent decline in net profit for the second quarter ended September 30. The stock slumped 6.24 per cent to settle at Rs 30.05 on BSE. Intra-day, it dived 8.26 per cent to Rs 29.40. At NSE, shares of the company slipped 6 per cent to close at Rs 30.05. The company's market valuation fell by Rs 360.85 crore to Rs 5,422.15 crore. In terms of equity volume, 63.93 lakh shares of the company were traded on BSE and over 7 crore shares changed hands at NSE during the day. South Indian Bank today reported a 96.09 per cent decline in its net profit to Rs 4.32 crore for the second quarter ended September 30, as provisions to cover bad assets jumped by over three times. The bank had registered a net profit of Rs 110.52 crore in the July-September quarter of previous fiscal. The bank's provisions to cover bad assets and contingencies rose substantially to Rs 453.68 crore for the quarter under review, from Rs 128.33 crore parked in the corresponding period last fiscal. Total income of the bank, however, rose to Rs 1,816.67 crore during September quarter of the current fiscal, as against Rs 1,596.08 crore in the year-ago period, the bank said. The gross non-performing assets (NPAs) or bad loans fell to 3.57 per cent of the gross advances as on September 30, 2017, compared to 3.96 per cent as on September 30, 2016. Net NPAs, as a percentage of net advances, stood at 2.57 per cent as on September-end this year, down from 2.77 per cent in the year-ago period.
South Indian Bank shares tank over 6% on weak Q2 show
Press Trust of India |