South Indian Bank Share See Sharp Surge Of 6% After Declaring Q1 Financial
The South Indian Bank saw a spike in their share price after they declared their Q1 FY25 results. The share price of the counter saw a huge surge of over 6 per cent and touched a high of Rs 28.19
Record breaking breaking numbers from South Indian Bank |
Indian bourses saw a record opening today. Today's opening of the market's indices on the bourses set a new record. The BSE Sensex reached a record high of 81,587.76 points during the market's opening minutes. Following the lead of the sensex, the NSE nifty reached new record highs of 24,854.80 points.
The South Indian Bank saw a spike in their share price after they declared their Q1 FY25 results. The share price of the counter saw a huge surge of over 6 per cent and touched a high of Rs 28.19 per share in the opening hour of the market.
Q1 Financials FY 25
Net Profit
South Indian Bank, which has its headquarters in Thrissur, Kerala, announced on Thursday, July 18, that its net profit for the first quarter of 2024, which ended on June 30, 2024, increased by 45.3 per cent YoY to Rs 294.1 crore.
South Indian Bank reported a net profit of Rs 202.4 crore for the corresponding quarter in FY24, according to a regulatory filing on the exchange from the business.
Net interest income
The difference between a bank's interest income from lending activities and the interest it pays to depositors is known as net interest income (NII), and it increased by 7.2 per cent to Rs 865.8 crore from Rs 807.7 crore in the same period last year.
NPA (Non-performing Assets)
During the June quarter, the gross non-performing assets (NPAs) stayed constant at 4.50 per cent. In comparison to 1.46 per cent quarter-over-quarter (QoQ), net NPA was 1.44 per cent.
Net NPAs decreased to Rs 1,151.46 crore from Rs 1,134.58 crore sequentially, while gross NPAs stood at Rs 3,719.87 crore against Rs 3,620.34 crore QoQ.
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CASA Deposits
On an annual basis, retail deposits increased by Rs 7,702 crore, or 8.37 per cent, from Rs 92,043 crore to Rs 99,745 crore. NRI deposits increased by Rs 1,721 crore, or 6.06 per cent, from Rs 28,382 crore to Rs 30,102 crore during the same period in FY25.
Savings accounts increased by 4.87 per cent and current accounts by 14.80 per cent, respectively, contributing to CASA's 6.51 per cent YoY growth.
Share performance
The South Indian Bank Share was trading around Rs 27.31 per share on the indian bourses; the stock touched a high of Rs 28.19 per share in today's trading session.
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