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South Indian Bank registered a 7% rise in Interest income to Rs 1576.96 crore in the quarter ended December 2017.
1% rise in interest expenses to Rs 1067.57 crore saw net interest income (NII) rise 22% to Rs 509.39 crore.
Other income fell 39% to Rs 158.81 crore (due to decline in treasury trading profit as Gsec yields shot up), which took net total income down 1% to Rs 668.20 crore. Operating expenses grew 13% to Rs 388.05 crore, after which OP fell 12% to Rs 330.15 crore.
Provision and contingencies fell 25% to Rs 154.28 crore after which PBT rose 3% to Rs 175.87 crore.
As tax expenses grew 3% to Rs 60.87 crore, net profit too rose 3% to Rs 115.00 crore.
Nine months results
For the nine months ended December 2017 South Indian Bank registered a 5% rise in Interest income to Rs 4603.83 crore.
Stagnant interest expenses at Rs 3130.51 crore saw net interest income (NII) rise 19% to Rs 1473.32 crore.
Other income grew 14% to Rs 658.58 crore, which took net total income up 18% to Rs 2131.90 crore. Operating expenses grew 9% to Rs 961.99 crore, after which OP jumped 25% to Rs 1169.91 crore.
Provision and contingencies jumped 85% to Rs 832.27 crore after which PBT fell 30% to Rs 337.64 crore.
As tax expenses fell 30% to Rs 116.85 crore, net profit too fell 30% to Rs 220.79 crore.
Asset Quality
Gross NPA stood at Rs 1774.59 crore as of December 2017 quarter against Rs 1766.32 crore in September 2017 quarter and Rs 1786.98 crore as of December 2016 quarter.
In percentage terms, %GNPA stood at 3.40% as of December 2017 quarter against 3.57% in September 2017 quarter and 3.98% as of December 2016 quarter.
Net NPA stood at Rs 1210.83 crore as of December 2017 quarter against Rs 1255.84 crore in September 2017 quarter and Rs 1115.66 crore as of December 2016 quarter.
In percentage terms, %NNPA stood at 2.35% as of December 2017 quarter against 2.57% in September 2017 quarter and 2.52% as of December 2016 quarter.
Book Value
Book Value per share stands at Rs 30.2 per share at end December 2017.
Adjusted Book value (adjusting for NNPA and 10% of restructured advances) stood at Rs 23.2 per share at end September 2017.
Valuation
The share price trades at Rs 32.
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