Market have been keeping a keen eye on the South Indian Bank share price for it was to be the first to roll out its results for the Q2 ending September 30th, 2016 in the Banking space.
On Thursday, South Indian Bank reported 18.33 per cent Year on Year jump in the net profit at Rs 110.50 crore for the September quarter, while the lender made higher provisions for bad loans. The Bank had declared a net profit of Rs 93.38 crore for the same quarter last financial year. Interest earned during the quarter under review stood at Rs 1,450.18 crore against Rs 1,404.98 crore in the second quarter of Financial Year 2016.
Before the Bank rolled out its second quarter result, South Indian Bank share price had traded on the new 52 weeks high of Rs. 25.50 on the back of the anticipation of the result.
Net interest income, i.e. NII which is the difference between interest earned on assets and interest paid on liabilities, jumped to Rs 445 crore during the quarter, compared to Rs 389 crore in the corresponding quarter last financial year.
The company said its gross non-performing assets, i.e. the NPAs stood steady at 3.96 per cent on a sequential basis. Net NPA eased to 2.77 per cent in the quarter under review as compared to 2.89 per cent in the June quarter.
The company made provisions worth Rs 130 crore during the quarter, nearly double of Rs 67.50 in the year-ago quarter.
After the result, currently on at 1:58 PM, South Indian Bank share price was trading at Rs. 24.25 with the red note of 2.22% and counting. The stock is the top 500 pick made by Dynamic levels for the quarter. For the levels of resistance and support of South Indian Bank, visit South Indian Bank share price forecast page of Dynamic Levels website.
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