14% rise in interest expenses to Rs 1215.54 crore saw net interest income (NII) rise 2% to Rs 519.62 crore.

Other income grew 18% to Rs 186.77 crore, which took net total income up 6% to Rs 706.39 crore. Operating expenses grew 11% to Rs 374.38 crore, after which OP grew 1% to Rs 332.01 crore.

Provision and contingencies grew 32% to Rs 203.128 crore after which PBT fell 27% to Rs 128.89 crore.

As tax expenses fell 26% to Rs 45.04 crore, net profit fell 27% to Rs 83.85 crore.

Nine results

For the nine months ended December 2018 South Indian Bank registered a 10% rise in Interest income to Rs 5085.58 crore.

14% rise in interest expenses to Rs 3565.24 crore saw net interest income (NII) rise 3% to Rs 1520.34 crore.

Other income fell 26% to Rs 490.56 crore, which took net total income down 6% to Rs 2010.90 crore. Operating expenses grew 14% to Rs 1099.47 crore, after which OP fell 22% to Rs 911.43 crore.

Provision and contingencies fell 23% to Rs 639.33 crore after which PBT fell 19% to Rs 272.10 crore.

As tax expenses fell 19% to Rs 95.08 crore, net profit fell 20% to Rs 177.02 crore.

Gross NPA stood at Rs 2930.00 crore as of December 2018 quarter against Rs 2646.15 crore in September 2018 quarter and Rs 1774.59 crore as of December 2017 quarter.

In percentage terms, %GNPA stood at 4.88% as of December 2018 quarter against 4.61% in September 2018 quarter and 3.40% as of December 2017 quarter.

Net NPA stood at Rs 2099.67 crore as of December 2018 quarter against Rs 1784.72 crore in September 2018 quarter and Rs 1210.83 crore as of December 2017 quarter.

In percentage terms, %NNPA stood at 3.54% as of December 2018 quarter against 3.16% in September 2018 quarter and 2.35% as of December 2017 quarter.

Book Value

Book Value per share stands at Rs 27.6 per share at end December 2018.

Adjusted Book value (adjusting for NNPA and 10% of restructured advances) stood at Rs 16.3 per share at end December 2018.

Valuation

The stock trades at Rs 14.2.