South Indian Bank Q3 Results: Profit Rises 12%, Shares Decline
Q3 Profit and Income
South Indian Bank Ltd. reported a 12% year-on-year increase in its net profit during the October to December period, reaching ₹342 crore, up from ₹305 crore. The bank's net interest income also rose by 6% year-on-year to ₹869 crore, from ₹819 crore.
Asset Quality
The private sector lender's gross non-performing asset (NPA) ratio increased to 4.30% sequentially, compared to 4.40% in the previous quarter. Its net non-performing asset ratio was at 1.25%, against 1.31% in the previous quarter.
Stock Performance
Following the release of the Q3 results, South Indian Bank's share price declined by 5.70% to ₹25.47 apiece. As of 1:54 PM, the stock was trading down by 4.00% at ₹25.93 apiece, compared to a 0.55% decline in the NSE Nifty 50. The stock has declined by 8.20% in the last 12 months. The total traded volume so far in the day stood at 2.1 times its 30-day average, and the relative strength index was at 53.00.
Analyst Ratings
Out of six analysts tracking the company, four maintain a 'buy' rating, and two recommend a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 34.9%.
Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.
0 comments:
Post a Comment