Mumbai Shares of South Indian Bank declined at least 9% on the NSE on Tuesday after its December quarter net profit missed Bloomberg’s estimates. 168 crores.
Private lender reported net profit Net loss of Rs 102.75 crore for the quarter ended December 50.31 crore in the same period last year, and a profit of 223.1 crore in the September quarter, according to an exchange filing. Total Operating Income increased by 13.59% 1,898.27 crore in the quarter ended December as compared to Rs. 1,671.13 crore in the same period last year.
Total deposits of the bank grew by 2.6% year-on-year (yoy) 90,672 crore, while the bank’s total advances grew by 18.3% YoY 67,920 crores. In the December quarter, the bank’s gross non-performing assets declined by 0.33% sequentially 3,843.6 crore, while net non-performing assets declined by 7% 1,529.9 crores.
Gross non-performing assets as a percentage of gross advances stood at 5.48% in December, as against 5.67% in the sequential quarter. Its net non-performing assets stood at 0.38% in December, compared to 0.85% in the previous quarter. Bank’s provisions and contingencies fell by 77% sequentially 41.4 cr in Q3 FY23.
Its overall Basel III capital adequacy ratio stood at 16.25% at the end of Q3FY23, up from 16.04% in the September quarter.
South Indian Bank share on NSE Appeared 16.6, down 8.54% from its previous close.
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