Home / Companies / Company Results /  South Indian Bank shares tank after missing Q3 estimates

MUMBAI : Shares of South Indian Bank on Tuesday nosedived by at least 9% on the NSE after its December quarter net profit missed Bloomberg estimates of 168 crore.  

The private lender reported a net profit of 102.75 crore in the quarter ended December, compared to a net loss of 50.31 crore in the same period last year, and a profit of 223.1 crore in the September quarter, according to an exchange filing. Total operating income increased 13.59% to 1,898.27 crore in the quarter ended December, compared to 1,671.13 crore in the same period last year. 

The bank's total deposits increased 2.6% year-on-year (y-o-y) to 90,672 crore, while the bank’s total advances grew 18.3% y-o-y to 67,920 crore. In the December quarter, the bank’s gross non-performing assets decreased 0.33% sequentially to 3,843.6 crore, while net non-performing assets decreased 7% to 1,529.9 crore. 

The percentage of gross non-performing assets stood at 5.48% of gross advances in December, compared to 5.67% in the sequential quarter. Its net non-performing assets stood at 0.38% in December, compared to 0.85% in the previous quarter. The bank's provisions and contingencies fell 77% sequentially to 41.4 crore in Q3 FY23. 

Its total Basel III capital adequacy ratio was at 16.25% at the end of the third quarter of FY23, up from 16.04% in the September quarter.  

South Indian Bank shares on the NSE stood at 16.6 apiece, down 8.54% from its previous close. 

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