Shares of South Indian Bank Ltd rose over 2% in the afternoon session today after the private sector lender reported a 23.2 percent rise in net profit to Rs 275 crore for the July–September 2023 quarter against Rs 223 crore in the September 2022 quarter. Net interest income (NII) climbed 14.46% to Rs. 831 crore for the Q2 FY 2024 compared to Rs. 726 crore on Y-o-Y basis. Net Interest Margins (Quarterly) rose 10 bps Y-o-Y to 3.31% in the September 2023 quarter against 3.21% in the September 2022 quarter.
The stock hit an intraday high of Rs 26.50, rising 2.04% against the previous close of Rs 25.97 on BSE. Earlier, the stock opened higher at Rs 25.98 on BSE. Total 56.83 lakh shares of the firm changed hands amounting to a high turnover of Rs 14.71 crore on BSE. Market cap of the bank stood at Rs 5451 crore on BSE.
South Indian Bank shares have a beta of 1, indicating average volatility in a year.
In terms of technicals, the relative strength index (RSI) of the South Indian Bank stock stands at 53.6, signaling it's trading neither in the overbought nor in the oversold zone. South Indian Bank shares are trading higher than the 30 day, 50 day, 100 day and 200 day but lower than the 5 day, 10 day and 20 day moving averages.
The lender’s gross non-performing assets (GNPA) fell to 4.96 percent of the total value in Q2 from 5.67 percent in Q2FY23. Net NPAs stood at 1.70 percent in Q2 against 2.51 percent a year ago.
The stock has gained 156.5% in a year and risen 295% in a span of three years. The banking stock touched its 52-week high of Rs 27.59 on October 4, 2023 and fell to a 52 week low of Rs 10 on October 19, 2022.
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