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South Indian Bank shares tank over 6% on weak Q2 show

Press Trust of India  |  New Delhi 

of 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 Intra-day, it dived 8.26 per cent to Rs 29.40.

At NSE, 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 of the company were traded on and over 7 crore shares changed hands at during the day.

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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 16:57 IST