South Indian Bank gains after good Q3 earnings

South Indian Bank rose 3.47% to Rs 20.90 at 11:42 IST on BSE after net profit rose 10.18% to Rs 141.31 crore on 11.79% growth in total income to Rs 1334.74 crore in Q3 December 2013 over Q3 December 2012.

The Q2 result was announced during trading hours today, 16 January 2014.

Meanwhile, the S&P BSE Sensex was down 12.06 points or 0.06% at 21,277.43.

The stock surged on high volumes. On BSE, so far 9.57 lakh shares were traded in the counter as against average daily volume of 2.67 lakh shares in the past two weeks.

The stock hit a high of Rs 21.35 and a low of Rs 20.35 so far during the day.

South Indian Bank's provisions and contingencies declined 95.6% to Rs 2.02 crore in Q3 December 2013 over Q3 December 2012.

The bank's ratio of gross non-performing assets (NPAs) to gross advances improved to 1.66% as on 31 December 2013, from 1.92% as on 30 September 2013 but increased from 1.62% as on 31 December 2012. The ratio of net NPAs to net advances improved to 1.18% as on 31 December 2013, from 1.39% as on 30 September 2013 but increased from 0.68% as on 31 December 2012.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 12.2% as on 31 December 2013 as against 12.97% as on 30 September 2013.

South Indian Bank is a Kerala-based private-sector bank.

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