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South Indian Bank shoots post Q2FY19 numbers

Shares of South Indian Bank shot up by 15.5% in early morning trade on Tuesday even as the company missed street estimates. The bank posted an NII of Rs506.50cr, up 0.65% yoy and 2.48% qoq.

The bank has reported net profit below consensus estimates. The reported PAT stood at Rs70cr in Q2FY19, against a profit of Rs4.3cr in the corresponding quarter last year.

The yoy growth in PAT was due to lower provisions, which has declined ~55% to Rs205cr.

South Indian Bank Ltd is currently trading at Rs14.51 up by Rs1.91 or 15.16% from its previous closing of Rs12.60 on the BSE.
The scrip opened at Rs13.86 and has touched a high and low of Rs14.71 and Rs13.50 respectively. So far 5,00,59,557 (NSE+BSE) shares were traded on the counter.
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