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Shares of South Indian Bank (SIB) on Monday tumbled over 8 per cent after it posted a 27 per cent decline in net profit at ₹83.85 crore for the December quarter.
The shares, after a negative opening, plunged 9.64 per cent to ₹14.05 during the day on the Bombay Stock Exchange (BSE). The scrip finally settled at ₹14.20, down 8.68 per cent.
Similar movement was seen on the National Stock Exchange (NSE), as the shares declined 8.36 per cent to close at ₹14.25.
In terms of equity volume, over 6.2 crore shares were traded on the stock exchanges.
The private sector lender on Saturday reported a net profit of ₹83.85 crore for the third quarter ended December 31, 2018 as against a profit of ₹115 crore in the corresponding period of the previous financial year.
Total income of the lender, however, improved to ₹1,921.93 crore during the quarter under review as against ₹1,735.77 crore in the year-ago period, South Indian Bank said in a regulatory filing.
Gross non-performing assets (NPAs) rose to 4.88 per cent of the total advances, compared to 3.40 per cent at the end of the third quarter of 2017-18.
Net NPAs also increased to 3.54 per cent in October-December 2018 from 2.35 per cent a year ago.
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