South Indian Bank Shares Surge 6.5% on Q2 Earnings

New Delhi, Oct 16 (PTI) Shares of South Indian Bank on Wednesday jumped 6.5 per cent after the lender posted an 18 per cent increase in profit at Rs 325 crore in the second quarter ended September 2024.

The stock surged 6.51 per cent to settle at Rs 25.51 on the BSE. During the day, it soared 7 per cent to Rs 25.65.

At the NSE, it jumped 6.30 per cent to Rs 25.46.

The private sector lender had posted a net profit of Rs 275 crore in the same quarter a year ago.

Total income increased to Rs 2,804 crore during the quarter under review, as against Rs 2,485 crore in the same period last year, South Indian Bank said in a regulatory filing on Wednesday.

The bank was able to reduce gross Non-Performing Assets (NPAs) to 4.40 per cent of the gross loans by the end of September 2024, from 4.96 per cent a year ago.

Similarly, net NPAs or bad loans came down to 1.31 per cent, from 1.70 per cent at the end of the second quarter of the previous fiscal.