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.