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South Indian Bank registered a 15% rise in Interest income to Rs 1894.85 crore in the quarter ended June 2019.
A 17% rise in interest expenses to Rs 1359.198 crore saw net interest income (NII) rise 8% to Rs 535.66 crore.
Other income grew 25% to Rs 181.91 crore, which took net total income up 12% to Rs 717.57 crore. Operating expenses grew 8% to Rs 399.94 crore, after which OP grew 18% to Rs 317.63 crore.
Provision and contingencies fell 11% to Rs 205.01 crore after which PBT jumped 196% to Rs 112.62 crore.
As tax expenses grew 161% to Rs 39.36 crore, net profit went up 218% to Rs 73.26 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 3154.22 crore as of June 2019 quarter against Rs 3131.67 crore in March 2019 quarter and Rs 2552.18 crore as of June 2018 quarter.
In percentage terms, %GNPA stood at 4.96% as of June 2019 quarter against 4.92% in March 2019 quarter and 4.54% as of June 2018 quarter.
Net NPA stood at Rs 2134.74 crore as of June 2019 quarter against Rs 2163.62 crore in March 2019 quarter and Rs 1813.88 crore as of June 2018 quarter.
In percentage terms, %NNPA stood at 3.41% as of June 2019 quarter against 3.45% in March 2019 quarter and 3.27% as of June 2018 quarter.
Book Value
Book Value per share stands at Rs 28.6 per share at end June 2019.
Adjusted Book value (adjusting for NNPA and 10% of restructured advances) stood at Rs 16.6 per share at end June 2019.
Valuation
The stock trades at Rs 13.02.
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