South Indian Bank shares rally 13% as Q3 net up three times. Key details
South Indian Bank Q3: CEO P R Seshadri said the strategy adopted by the bank continued to aid business performance. The bank registered growth in all the desired segments with a focus on quality asset across, he said.
- Jan 18, 2024,
- Updated Jan 18, 2024 2:07 PM IST
Shares of South Indian Bank Ltd soared 13 per cent in Thursday's trade following the lender's December quarter results. The bank said its net profit for the third quarter climbed three folds to Rs 305.36 crore from Rs 102.75 crore in the same quarter last year. In percentage terms, the rise was 197.19 per cent.
MD & CEO P R Seshadri said the strategy adopted by the bank continued to aid business performance. The bank, he said, registered growth in all the desired segments with a focus on quality asset across all verticals namely Corporate, SME, Auto Loan, Credit Card, Personal Loan and Gold Loan. Seshadri said the bank could on board fresh advances with low risk profile, in line with the strategic intent of profitability through quality credit growth.
Following the results, the stock rose 12.50 per cent YoY to hit a high of Rs 31.93.
South Indian Bank Q3: CEO P R Seshadri said the strategy adopted by the bank continued to aid business performance. The bank registered growth in all the desired segments with a focus on quality asset across, he said.
South Indian Bank said its gross non-performing assets as percentage of total assets fell 74 basis points to 4.74 per cent from 5.48 per cent YoY. Net NPA was down 65 basis points to 1.61 per cent from 2.26 per cent YoY. Return on equity for the quarter improved 996 bps to 16.38 per cent from 6.42 per cent YoY. Return on assets for the quarter rose 68 bps to 1.07 per cent from 0.39 per cent.
Provision Coverage Ratio (PCR) for the quaretr improved 346 bps to 77.97 per cent from from 74.51 per cent. Retail deposit grew 7.25 per cent to Rs 6,428 crore to Rs 95,088 crore from Rs 88,660 crore. The NRI Deposit grew 4.55 per cent or Rs 1,272 crore to Rs 29,236 crore from from Rs 27,964 crore.
CASA grew 2.83 per cent on a YoY basis with growth in savings bank at 2.81 per cent and CD at 2.96 per cent.
Gross advances for the quarter rose 10.8 per cent to Rs 77,686 crore from Rs 70,117 crore. Corporate segment grew 34.81 per cent to Rs 29,892 crore from Rs 22,174 crore in well rated borrower accounts. Share of A and above rated accounts in large corporate segments stood at 96 per cent.
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Shares of South Indian Bank Ltd soared 13 per cent in Thursday's trade following the lender's December quarter results. The bank said its net profit for the third quarter climbed three folds to Rs 305.36 crore from Rs 102.75 crore in the same quarter last year. In percentage terms, the rise was 197.19 per cent.
MD & CEO P R Seshadri said the strategy adopted by the bank continued to aid business performance. The bank, he said, registered growth in all the desired segments with a focus on quality asset across all verticals namely Corporate, SME, Auto Loan, Credit Card, Personal Loan and Gold Loan. Seshadri said the bank could on board fresh advances with low risk profile, in line with the strategic intent of profitability through quality credit growth.
Following the results, the stock rose 12.50 per cent YoY to hit a high of Rs 31.93.
South Indian Bank Q3: CEO P R Seshadri said the strategy adopted by the bank continued to aid business performance. The bank registered growth in all the desired segments with a focus on quality asset across, he said.
South Indian Bank said its gross non-performing assets as percentage of total assets fell 74 basis points to 4.74 per cent from 5.48 per cent YoY. Net NPA was down 65 basis points to 1.61 per cent from 2.26 per cent YoY. Return on equity for the quarter improved 996 bps to 16.38 per cent from 6.42 per cent YoY. Return on assets for the quarter rose 68 bps to 1.07 per cent from 0.39 per cent.
Provision Coverage Ratio (PCR) for the quaretr improved 346 bps to 77.97 per cent from from 74.51 per cent. Retail deposit grew 7.25 per cent to Rs 6,428 crore to Rs 95,088 crore from Rs 88,660 crore. The NRI Deposit grew 4.55 per cent or Rs 1,272 crore to Rs 29,236 crore from from Rs 27,964 crore.
CASA grew 2.83 per cent on a YoY basis with growth in savings bank at 2.81 per cent and CD at 2.96 per cent.
Gross advances for the quarter rose 10.8 per cent to Rs 77,686 crore from Rs 70,117 crore. Corporate segment grew 34.81 per cent to Rs 29,892 crore from Rs 22,174 crore in well rated borrower accounts. Share of A and above rated accounts in large corporate segments stood at 96 per cent.
Also read: Hot stocks on January 18: YES Bank, RVNL, Polycab India, IRFC and more
Also read: Stock recommendations by analyst for Jan 18, 2024: Welspun Corp, L&T Fin and Apollo Hospitals