MUMBAI - Shares of South Indian Bank experienced a significant surge today after the lender reported a substantial increase in net profits for the third quarter. The bank's profits nearly tripled, reaching ₹305.4 crore, a significant leap from ₹103 crore in the same quarter the previous year.
The bank's asset quality showed marked improvement with gross non-performing assets (NPA) declining to 4.74%, down from the previous year's figures. Additionally, net NPA also improved, registering at 1.61%. These positive indicators have been well-received by investors, reflecting in the bank's stock price which escalated by 4%, reaching nearly ₹29.20.
Despite these positive developments, the bank's net interest income (NII) experienced a marginal drop to ₹819 crore.
The impressive financial performance and the enhanced asset quality of South Indian Bank have contributed to the positive sentiment among shareholders and market watchers alike. This news comes as a strong signal of the bank's improving financial health and operational efficiency. These financial outcomes were made public today at precisely 12:38 PM IST, highlighting year-over-year comparisons.
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