South Indian Bank Q4 Results: Profit Rises 58%; Shares Hit Nine-Month High

South Indian Bank's net profit during the quarter ended March rose 57.6% to Rs 683 crore, compared to Rs 434 crore in the year-ago period. The shares of the bank rose to hit nine-month high on Thursday.

The net interest income—the difference of interest earned and interest paid— for the quarter fell 1% to Rs 868 crore. This compares to Rs 875 crore reported in the corresponding quarter of the previous fiscal.

South Indian Bank's asset quality also improved during the quarter under review, with the gross non-performing assets ratio declining to 3.20% from 4.30% in the January-March period. In absolute terms, the gross NPA slipped to Rs 2,799.83 crore from Rs 3,735.56 crore in the first quarter.

The net NPA ratio contracted to 0.92% from 1.25% in the preceding quarter. In absolute terms, the net NPA slipped to Rs 790.52 crore from Rs 1,056.11 crore.

South Indian Bank has announced dividend of Rs 0.40 per equity share for the fourth quarter of fiscal 2024-25. The company announced distribution of Rs 104.65 crore to shareholders in the fourth quarter of this fiscal.

In comparison, the company had issued a final dividend of Rs 0.30 apiece on Aug. 20, 2024 and on Aug. 17, 2023.

South Indian Bank Shares Rise

The shares of South Indian Bank rose as much as 1.39% to Rs 27.25 apiece, the highest level since July 29. It pared gains to trade 1.05% higher at Rs 27.03 apiece, as of 2:52 p.m. This compares to a 1.62% advance in the NSE Nifty 50 Index.

It has fallen 0.18% in the last 12 months and risen 10.63% year-to-date. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 41.78.

Out of five analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.8%.