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South Indian Bank registered a 13% rise in Interest income to Rs 1790.94 crore in the quarter ended March 2019.
An 18% rise in interest expenses to Rs 1291.58 crore saw net interest income (NII) rise 1% to Rs 499.36 crore.
Other income grew 32% to Rs 235.65 crore, which took net total income up 10% to Rs 735.01 crore. Operating expenses grew 13% to Rs 407.46 crore, after which OP grew 5% to Rs 327.55 crore.
Provision and contingencies grew 47% to Rs 219.15 crore after which PBT fell 33% to Rs 108.40 crore.
As tax expenses fell 21% to Rs 37.89 crore, net profit fell 38% to Rs 70.51 crore.
FY 2019 results
In FY 2019, it registered a 11% rise in Interest income to Rs 6876.52 crore.
15% rise in interest expenses to Rs 4856.82 crore saw net interest income (NII) rise 3% to Rs 2019.70 crore.
Other income fell 13% to Rs 726.21 crore, which took net total income down 2% to Rs 2745.91 crore. Operating expenses grew 14% to Rs 1506.93 crore, after which OP fell 16% to Rs 1238.98 crore.
Provision and contingencies fell 12% to Rs 858.48 crore after which PBT fell 24% to Rs 380.50 crore.
As tax expenses fell 19% to Rs 132.97 crore, net profit fell 26% to Rs 247.53 crore.
Asset Quality
Gross NPA stood at Rs 3131.67 crore as of March 2019 quarter against Rs 2930.00 crore in December 2018 quarter and Rs 1980.30 crore as of March 2018 quarter.
In percentage terms, %GNPA stood at 4.92% as of March 2019 quarter against 4.88% in December 2018 quarter and 3.59% as of March 2018 quarter.
Net NPA stood at Rs 2163.62 crore as of March 2019 quarter against Rs 2099.67 crore in December 2018 quarter and Rs 1415.80 crore as of March 2018 quarter.
In percentage terms, %NNPA stood at 3.45% as of March 2019 quarter against 3.54% in December 2018 quarter and 2.60% as of March 2018 quarter.
Book Value
Book Value per share stands at Rs 28.2 per share at end March 2019.
Adjusted Book value (adjusting for NNPA and 10% of restructured advances) stood at Rs 16.6 per share at end March 2019.
Valuation
The stock trades at Rs 14.65.
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