South Indian Bank jumps 8% as post Q4 results, here are more details
South Indian Bank reported its highest-ever quarterly net profit at ₹333.9 crore in the March quarter.
PremiumThe shares of South Indian Bank surged more than 8 per cent on Friday's trade post strong March quarter results. The company reported 23 per cent rise in net profit, along with dividend.
The company's scrip was trading 8.65 per cent up at ₹17.72 on BSE. In the last six months, the company's scrip rose by 24.53 per cent, however on a year-to-date basis it declined by 7.95 per cent
South Indian Bank reported its highest-ever quarterly net profit at ₹333.9 crore in the March quarter. Its profit grow nearly 23 per cent on-year compared to its bottomline at ₹272 crore reported in the corresponding quarter last year.
Net interest income or the core income of the South Indian Bank rose 43.4 per cent on-year to ₹857.2 crore against ₹597.7 crore in the corresponding quarter last year.
The board of South Indian Bank recommended a dividend of ₹0.30 per equity share with a face value of Re 1 each for the year ended on March 31, 2023.
Furthermore, provisions and contingencies declined drastically to ₹38.99 crore in Q4FY23, compared to ₹77.71 crore in Q4FY22 and ₹41.43 crore in Q3FY23.
In terms of asset quality, key parameters improved further with gross NPA coming at 5.14% and net NPA at 1.86% for the March 2023 quarter --- compared to 5.90% and 2.97% in the same period a year ago.
Murali Ramakrishnan, MD & CEO of the Bank, while announcing the results, stated that the strategy of the business by the bank had contributed to the above performance. During the period, Bank could register growth in all the desired segments with a focus on building quality assets across all verticals like corporate, SME, auto loan, credit card, personal loan, gold loan, etc.
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