South Indian Bank stock prices face pressure of weak Q3 results

Shares of South Indian Bank Monday tumbled over 8 per cent after it posted a 27 per cent decline in net profit at Rs 83.85 crore for the December quarter. The shares, after a negative opening, plunged 9.64 per cent to Rs 14.05 during the day on BSE. The scrip finally settled at Rs 14.20, down 8.68 per cent. Similar movement was seen on NSE, as the shares declined 8.36 per cent to close at Rs 14.25. In terms of equity volume, over 6.2 crore shares were traded on the stock exchanges.

The private sector lender Saturday reported a net profit of Rs 83.85 crore for the third quarter ended December 31, 2018, as against a profit of Rs 115 crore in the corresponding period of the previous financial year. Total income of the lender, however, improved to Rs 1,921.93 crore during the quarter under review as against Rs 1,735.77 crore in the year-ago period, South Indian Bank said in a regulatory filing.

Gross non-performing assets (NPAs) rose to 4.88 per cent of the total advances, compared to 3.40 per cent at the end of the third quarter of 2017-18. Net NPAs also increased to 3.54 per cent in October-December 2018 from 2.35 per cent a year ago.

(With inputs from agencies.)