South Indian Bank Q3 Results: South Indian Bank Limited has released its third quarter FY25 results today, January 21. The company’s net profit has increased by 12 percent in the October-December quarter. The bank has earned a profit of Rs 342 crore during this period, whereas this figure was Rs 305 crore in the same quarter last year. However, bank shares are being sold today. At present this stock is trading at Rs 25.70, down 4.85 per cent on BSE.
How were the results of South Indian Bank?
South Indian Bank’s total income rose to ₹2,818 crore in the December quarter, up 7 per cent from ₹2,636 crore reported in the same quarter last year. South Indian Bank’s total income did not increase much sequentially during the third quarter. This was almost equal to the total income of ₹2804.19 crore recorded during the September 2024 quarter.
South Indian Bank’s asset quality improved
The asset quality of South Indian Bank has improved compared to the previous September quarter. The bank’s gross non-performing assets (NPA) improved from 4.40 percent to 4.30 percent. Its net NPA has also improved to 1.25 percent from 1.31 percent in the last quarter.
Weak performance compared to last quarter
The bank’s net interest income (NII) or core income increased by 6 per cent to Rs 869 crore from Rs 819 crore in the same quarter last year. However, on a sequential basis, NII was down 1.5 per cent at Rs 882 crore in the September quarter.
The bank’s deposits stood at Rs 1.05 crore, which is 6.3 percent higher on an annual basis, but 0.06 percent lower on a quarterly basis. Advances grew 12% year-on-year and 2.7% quarter-on-quarter to Rs 84,396 crore. Provisions during the quarter increased 36% year-on-year to Rs 66 crore. However, it declined by 40% on a sequential basis.
South Indian Bank Technical
Shares of South Indian Bank have fallen by more than 4 percent today amid quarterly results. The market cap of the company is Rs 6,729.11 crore. The stock’s 52-week high is Rs 36.91 and 52-week low is Rs 22.27. According to Bloomberg data, out of six analysts tracking this stock, four have maintained Buy rating for it, while two have advised to hold.
Talking about technicals, the Relative Strength Index (RSI) of South Indian Bank stock is at 65.7, which indicates that it is neither in the overbought nor oversold zone. Shares of South Indian Bank are trading above 20 day, 30 day, 50 day, 100 day, 150 day but below 5 day, 10 day and 200 day moving averages.
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