KOCHI: Thrissur-based South Indian Bank reported a 16-fold increase in net profit at Rs 70.13 crore for the second quarter ended September 30, 2018 from Rs 4.32 crore the corresponding quarter of the year. The bank registered 13.23 per cent rise in business to Rs 1.32 lakh crore. Following the results, the stock rose 16.74 per cent to hit a high of Rs 14.71 on BSE. On the NSE, shares jumped 16.66% to close at Rs 14.70.
The net non-performing asset (NPA) of the bank widened to 3.16 per cent in the second quarter compared to 2.57 per cent reported in thew corresponding quarter of the previous year.
Announcing the results in Kochi, SIB managing director and CEO V G Mathew expressed his satisfaction on the overall business performance with a clear shift of focus to retail, agriculture and MSME.
For the quarter ended September 30, 2018, the Capital Adequacy Ratio of the bank stood at 12.11 per cent. The NRI deposits witnessed a growth of 14.43 per cent to Rs 20,425 crore from Rs 17,850 crore in the corresponding quarter previous fiscal.
The advances increased by Rs 7,696 crore to Rs 57,413 crore, registering a year-on-year credit growth of 15.48%.