South Indian Bank shares surged by nearly 5% after the company released its unaudited financial results for the quarter and half-year ending September 30, 2024, demonstrating strong performance across key metrics.
The bank reported a net profit of ₹325 crore for Q2 FY24, reflecting an 18% year-on-year increase from ₹275 crore in the same period last year. This growth was attributed to improved operational efficiencies and steady performance across its portfolio.
South Indian Bank also reported improvements in its asset quality. The gross non-performing assets (NPA) ratio dropped to 4.40%, down from 4.50% in the previous quarter, while the net NPA ratio improved to 1.31%, compared to 1.44% quarter-on-quarter. These improvements indicate better risk management and recovery efforts.
The bank remains optimistic about further enhancing its financial health in the coming quarters. As of 12:24 pm, the shares were trading 4.55% higher at ₹25.04 on the NSE.
