 "South Indian Bank dips on disappointing Q3 results")
South Indian Bank has dipped 4% to Rs 29.45 on NSE in otherwise firm market after the private sector lender has reported disappointing set of numbers for the third quarter ended December 31, 2014 (Q3FY15).
The net profit of the bank declined 38% year on year at Rs 87.93 crore in Q3FY15, due to higher provisioning for bad loans and lower net interest income. The bank had profit of Rs 141 crore in the same quarter last fiscal.
Net interest income (interest earned minus interest expended) decreased by 8.6% at Rs 320 crore during the reporting quarter against Rs 350 crore in a year ago quarter. The bank provided Rs 85.97 crore for bad loans as compared to Rs 2 crore in the corresponding quarter of previous year.
Analyst on an average had expected net profit of Rs 116 crore on net interest income of Rs 416 crore for the quarter.
The stock opened at Rs 30.75 and hit a low of Rs 29 on NSE. Till 1324 hours, a combined 8.78 million shares changed hands on NSE and BSE.
The net profit of the bank declined 38% year on year at Rs 87.93 crore in Q3FY15, due to higher provisioning for bad loans and lower net interest income. The bank had profit of Rs 141 crore in the same quarter last fiscal.
Net interest income (interest earned minus interest expended) decreased by 8.6% at Rs 320 crore during the reporting quarter against Rs 350 crore in a year ago quarter. The bank provided Rs 85.97 crore for bad loans as compared to Rs 2 crore in the corresponding quarter of previous year.
Analyst on an average had expected net profit of Rs 116 crore on net interest income of Rs 416 crore for the quarter.
The stock opened at Rs 30.75 and hit a low of Rs 29 on NSE. Till 1324 hours, a combined 8.78 million shares changed hands on NSE and BSE.
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