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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.
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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