South Indian Bank gains after decent Q2 performance

South Indian Bank rose 4.52% to Rs 10.4 after the bank announced Q2 results after trading hours yesterday, 17 October 2019.

South Indian Bank's net profit rose 20.5% to Rs 84.48 crore on a 18.8% increase in total income to Rs 2203.18 crore in Q2 September 2019 over Q2 September 2018.

Gross non-performing assets (NPAs) stood at Rs 3145.20 crore as on 30 September 2019 as against Rs 3154.22 crore as on 30 June 2019 and Rs 2646.15 crore as on 30 September 2018.

The ratio of gross NPAs to net advances stood at 4.92% as on 30 September 2019 as against 4.96% as on 30 June 2019 and 4.61% as on 30 September 2018.

The ratio of net NPAs to gross advances stood at 3.48% as on 30 September 2019 as against 3.41% as on 30 June 2019 and 3.16% as on 30 September 2018.

Provisions and contingencies jumped 49.7% to Rs 306.34 crore in Q2 September 2019 over Q2 September 2018.

Provision coverage ratio of the bank was at 48.1% as on 30 September 2019. CASA ratio rose marginally to 24.9% at end September 2019 compared 24.5% at end September 2018.

Meanwhile, the S&P BSE Sensex was up 142 points or 0.36% to 39194.27.

On the BSE, 5.36 lakh shares were traded in the counter so far compared with average daily volumes of 4.40 lakh shares in the past two weeks. The stock hit a high of Rs 10.6 and a low of Rs 10.25 so far during the day.

The stock hit a 52-week high of Rs 18.55 on 08 Apr 2019. The stock hit a 52-week low of Rs 8.5 on 15 Oct 2019.

South Indian Bank is a major private sector bank headquartered at Thrissur in Kerala, India. South Indian Bank has 870 branches and 52 ext.counters spread across India.

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