South Indian Bank's stock jumps up to 11% in Friday's session; settles over 6% higher

South Indian Bank share price: The lender reported a 75 per cent increase in net profit at Rs 202 crore in the June quarter, helped by a decline in bad loans. The Kerala-based private sector lender had posted a net profit of Rs 115 crore in the year-ago period.

Representative image. Source: Pixabay

South Indian Bank share price: Shares of South Indian Bank jumped as much as 11.14 per cent to Rs 23.45 apiece on the BSE in the early trade on Friday, a day after the lender, in its regulatory filing, said that the Reserve Bank of India (RBI) has approved the appointment of PR Seshadri as MD & CEO of South Indian Bank, with effect from October 1.

The bank said Seshadri has been appointed for a period of three years.

The stock ended at Rs 22.44, up 6.45 per cent on the BSE. As per NSE data, the stock was listed on bourses on December 8, 1998.

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South Indian Bank Q1 Results

The lender reported a 75 per cent increase in net profit at Rs 202 crore in the June quarter, helped by a decline in bad loans. The Kerala-based private sector lender had posted a net profit of Rs 115 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 2,386 crore from Rs 1,868 crore in the same period a year ago, South Indian Bank said in a regulatory filing.

Interest earned by the bank grew to Rs 2,025 crore as against Rs 1,622 crore logged in the June 2022 quarter. Net interest income went up from Rs 603 crore to Rs 807 crore, registering a growth of 33.87 per cent annually.

The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 5.13 per cent of gross advances at the end of the June quarter from 5.87 per cent a year ago.

Similarly, net NPAs or bad loans declined to 1.85 per cent as against 2.87 per cent in the year-ago period. READ MORE

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