South India Bank stock soars 12.5% after net profit grows nearly 200% YoY in Q3
South Indian Bank surged by 12.5%, reaching a new 52-week high of ₹31.9 apiece, following the release of the bank's Q3FY24 numbers. Notably, the stock surpassed the ₹30 mark for the first time in six years. The bank posted a 197% increase in its standalone net profit to ₹305 crore in Q3FY24 as compared to a net profit of ₹102.75 crore in the same period last year.
In the preceding quarter (Q2FY24), the bank posted a net profit of ₹275 crore. Also Read: Where to invest ₹5 lakh for best returns in 2024? Experts suggest these asset classes Net interest income (NII), the difference between interest earned from lending and interest paid to depositors, came in at ₹819 crore in Q3 as compared to ₹825 crore in the same period last year. The net interest margin during the quarter came in at 3.19%, compared to 3.52% in Q3FY23.
Its other income jumped sharply by 1423.6% YoY to 452.41 crore. Pre-provision operating profit increased to ₹483 crore in Q3 from ₹203 crore in the same quarter last year. Provisions for Q3 FY24 stood at ₹49 crore, up from ₹51 crore in Q3FY23.
On the asset quality front, the bank's gross non-performing assets (NPAs) decreased by 74 basis points YoY, reaching 4.74% in Q3FY24. Net NPAs also fell by 65 basis points YoY to 1.61%. Also Read: Oracle Financial Services stock jumps 20%, hits fresh record high as net profit rises 69% YoY in Q3 The bank's retail deposits grew by ₹6,428 crore to ₹95,088 crore, showing an increase of 7.25% on a YoY basis.
Its NRI deposit grew by ₹1,272 crore to ₹29,236 crore, up by 4.55% on a YoY basis. CASA grew by 2.83% on a YoY basis, with growth in Savings Bank by 2.81% and CD by 2.96%, respectively. On the advances front, gross advances grew by ₹7,569 crore to ₹77,686 crore, an
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