South Indian Bank shares climb to 3-year high

BL Internet Desk October 16 | Updated on October 16, 2018 Published on October 16, 2018

Shares of South Indian Bank rallied as much as 16.7 per cent to Rs 14.7, in their biggest intraday percentage gain in over three years as the September-quarter profit surged to Rs 70.13 crore ($9.49 million) from Rs 4.32 crore a year earlier.

The lender’s asset quality remained stable with only a minor decline to 4.61 per cent from 4.54 per cent. Its net NPA improved to 3.16 per cent in September from 3.27 per cent in June, and business increased by ₹15,465 crore to ₹1,32,324 crore, registering a 13 per cent growth.

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More than 48.8 million shares changed hands, 3.5 times their 30-day moving average of 14 million shares. Up to Monday's close, South Indian Bank stock had declined nearly 60 per cent this year ($1 = 73.8800 Indian rupees).

(With inputs from Reuters)

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Published on October 16, 2018
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