South Indian Bank Q2 Impact: Shares of private lender South Indian Bank rose 5.42 percent to hit an intraday high of Rs 25.25 per share on Wednesday, October 16, 2024.
The rise in South Indian Bank’s share price came after the lender reported strong results for the September quarter of financial year 2025 (Q2FY25).
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South Indian Bank’s standalone net profit soared 18.2 per cent year-on-year (y-o-y) to Rs 324.7 crore in the September quarter of financial year 2025 (Q2FY25), up from 274, Rs 8 crore in the same quarter of the previous year (Q2FY24).
Meanwhile, net interest income (NII) climbed 6.2% year-on-year to Rs 882.3 crore in the September quarter of FY25 from Rs 830.6 crore in the September quarter of FY24.
In terms of asset quality, gross non-performing assets (GNPA) improved to 4.40 per cent in Q2FY25 from 4.50 per cent in Q1FY25. Similarly, net non-performing assets (NNPA) stood at 1.31 per cent in Q2FY25 compared to 1.44 per cent in Q1FY25.
In absolute terms, gross NPA stood at Rs 3,731.3 in Q2FY25 as against Rs 3,719.87 crore in Q1FY25. The bank’s net NPA, meanwhile, stood at Rs 1,073.1 crore in the September quarter of FY25, compared to Rs 1,151.5 crore in the June quarter of FY25 .
The bank’s provisions remained broadly stable in sequence. In Q2FY25, provisions stood at Rs 110 crore, compared to Rs 113 crore in the previous quarter of the same financial year (Q1FY25).
Established in 1929, South Indian Bank was the first scheduled bank among the private banks in Kerala. With a strong presence in South India, particularly in Kerala, the bank offers a range of services including retail and corporate banking, para-banking activities such as debit cards and distribution of financial products for third parties, as well as treasury and foreign exchange services.
The market capitalization of South Indian Bank is Rs 2,337.27 crore, according to the BSE.
South Indian Bank’s 52-week high is Rs 36.91 per share while its 52-week low is Rs 21.21.
At 1:16 pm, shares of South Indian Bank were trading 3.34 per cent higher at Rs 24.75 per share. In comparison, BSE Sensex was trading 0.33 percent lower at 81,546.25 levels.
First publication: October 16, 2024 | 1:21 p.m. STI
