South Indian Bank shares on Wednesday rose 5.42% to Rs 25.25 on BSE as against its last close of Rs 23.95.
South Indian Bank shares rallied 5% in the afternoon session today, as the bank announced its second quarter earnings. Net profit rose 18% to Rs 325 crore in the quarter as against Rs 275 crore in the same quarter last fiscal. Total income rose to Rs 2,804 crore in the second quarter as against Rs 2,485 crore in the same period last year. The bank earned interest income of Rs 2,355 crore during the quarter, as against Rs 2,129 crore in the same period a year ago.
Net interest income in Q2 increased to Rs 2355 crore as compared to Rs 2129 crore in Q2 FY24.
South Indian Bank shares rose 5.42% to Rs 25.25 on BSE on Wednesday as against the previous close of Rs 23.95. The banking stock hit a record high of Rs 36.91 on February 2, 2024 and hit a 52-week low of Rs 21.21 on October 26, 2023.
Earlier, the stock opened at Rs 24.05 on BSE. A total of 42.12 lakh shares of the company were traded on BSE, generating a turnover of Rs 10.41 crore. The market capitalization of the bank on BSE stood at Rs 6535.46 crore.
South Indian Bank shares have a beta of 1.1, which indicates high volatility over one year. The stock has gained 91.45% in one year and 160% in three years.
Technically, the Relative Strength Index (RSI) of South Indian Bank stock is at 41.7, which indicates that it is neither in the overbought nor in the oversold zone. South Indian Bank stock is trading higher than 5 day, 10 day, 20 day, 30 day but lower than 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) will be 4.40 per cent of gross loans by the end of September 2024, up from 4.96 per cent a year ago.
Net NPA declined to 1.31 per cent in the second quarter from 1.70 per cent at the end of the second quarter of the last fiscal.
