Shares of South Indian Bank gained 5% in the afternoon session today after the lender announced its Q2 earnings. Net profit rose 18% to Rs 325 crore in the last quarter against Rs 275 crore in the corresponding quarter of the previous fiscal. Total income climbed to Rs 2,804 crore in Q2 against Rs 2,485 crore in the same period last year. The bank earned an interest income of Rs 2,355 crore during the quarter, compared to Rs 2,129 crore in the same period a year ago.
Net interest income in Q2 rose to Rs 2355 crore in Q2 against Rs 2129 crore in Q2 of FY24.
South Indian Bank stock rose 5.42% to Rs 25.25 on Wednesday against the previous close of Rs 23.95 on BSE. The banking stock hit a record high of Rs 36.91 on February 2, 2024 and fell to a 52 week low of Rs 21.21 on October 26, 2023.
Earlier, the stock opened higher at Rs 24.05 on BSE. Total 42.12 lakh shares of the firm changed hands amounting to a turnover of Rs 10.41 crore on BSE. Market cap of the bank stood at Rs 6535.46 crore on BSE.
South Indian Bank shares have a beta of 1.1, indicating high volatility in a year. The stock has gained 91.45% in a year and risen 160% in three years.
In terms of technicals, the relative strength index (RSI) of the South Indian Bank stock stands at 41.7, signaling it's trading neither in the overbought nor in the oversold zone. South Indian Bank shares are trading higher than the 5 day, 10 day, 20 day, 30 day but lower than the 50 day 100 day, 150 day and 200 day moving averages.
The bank improved its asset quality in the last quarter.
Gross Non-Performing Assets (NPAs) slipped to 4.40 per cent of the gross loans by the end of September 2024 from 4.96 per cent a year ago.
Net NPAs fell to 1.31 per cent in Q2 from 1.70 per cent at the end of the second quarter of the previous fiscal.