South Indian Bank Q2 gross advances grow 10.3% YoY to Rs 74,975 crore; stock trades flat
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South India bank stock has given a return of 178.12 percent over the last one year. South India bank stock has given a return of 178.12 percent over the last one year.
Shares of South India Bank dropped 0.50 percent in early trade on October 4 even as the bank reported a 10.3 percent rise in Q2 gross advances to Rs 74,975 crore.
At 11:26 am, the South India Bank stock was trading 0.98 percent lower at Rs 26.72 on the NSE.
South Indian Bank, the private sector lender has reported gross advances at Rs 74,975 crore for the quarter ended September FY24, up 10.3 percent over a year-ago period, and total deposit increased by 9.8 percent to Rs 97,146 crore during the same period, as per provisional data. CASA grew by 2.01 percent YoY to Rs 31,162 crore in Q2FY24 as detailed by the bank in a business update filing with BSE on October 3.
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South Indian Bank on July 20 reported a near doubling of its net profit to Rs 202.3 crore for the April-June FY24 quarter, compared to Rs 115 crore in the corresponding quarter last year.
The lender’s gross non-performing asset (GNPA) stood at 5.13 percent, marginally down from 5.14 percent recorded in the same quarter last year. The net NPA (NNPA) for the quarter stood at 1.85 percent, declining from 1.86 percent on a year-on-year basis.
Further, the retail deposit of South India Bank (SIB) reportedly grew by Rs 5,583 crore — from Rs 86,460 crore to Rs 92,043 crore, showing an increase of 6 percent on Y-o-Y basis. CASA (current account savings account) segment grew by 3 percent on Y-o-Y basis. Personal Loan book increased from Rs 1,005 crore to Rs 1,935 crore, showing an increase of 93 percent on Y-o-Y basis.
Stock Performance
South India Bank stock has surged by 76.70 percent over the last six months. The benchmark Nifty bank index has given a return of 8.29 percent over the same duration.
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