South Indian Bank shares jump over 5 pc on strong Q1 results

Shares of South Indian Bank rose by over 5 per cent on Friday after the company posted a more than threefold jump in net profit for the June quarter.

The scrip advanced 5.10 per cent to close at Rs 12.98 on the BSE. Intra-day, the stock zoomed 8.50 per cent to Rs 13.40.

On the NSE, shares rallied 4.43 per cent to close at Rs 12.95.

On the traded volume front, 11.37 lakh shares were traded on the BSE and over one crore on the NSE.

South Indian Bank on Thursday posted a more than threefold jump in net profit to Rs 73.26 crore for the June quarter on higher interest income and a fall in bad loan provisions.

The bank had registered a net profit of Rs 23.04 crore in the year-ago period.

Total income of the bank rose to Rs 2,076.76 crore during June 2019 quarter, up from Rs 1,799.81 crore a year ago, the bank said in a regulatory filing.

South Indian Bank witnessed an uptick in its bad assets with the gross non-performing assets (NPAs) rising to 4.96 per cent of gross advances at end of June 2019 from 4.54 per cent in year-ago period. Net NPAs were 3.41 per cent, up from 3.27 per cent in the year-ago period.