South Indian Bank Q3 net profit rises 10%, provisions up 94%
Many analysts have expected that NII of most banks would be under pressure led by decline in credit-to-deposits. The pressure under NII was recorded in South Indian Bank this Q3. It stood at Rs 417.52 crore, which was up by 2.65% yoy but down by 6.21% qoq.
South Indian Bank on Wednesday reported third quarter results for quarter ended December 31,2016 (Q3FY17). It said that its net profit stood at Rs 111.38 crore, rising 9.59% from Rs 101.63 crore in the corresponding period of the previous year.
Net Interest Income (NII) stood at Rs 417.52 crore, registering growth of 2.65% against Rs 406.72 crore a year ago same period. However, NII declined by 6.21% from Rs 445.18 crore recorded in the preceding quarter.
Provisions and contingencies were at Rs 206.63 crore, increasing by 94.21% year-on-year (yoy) and 61.01% quarter-on-quarter basis (qoq).
Gross non-performing assets (GNPA) stood at 3.98% in Q3, expanding by 123 basis points yoy and 2 basis points qoq.
Shares of South Indian Bank surged by 3.10% on BSE, trading at Rs 21.60 per share at 1.36 pm.
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