Stocks drop 5.10% to settle at Rs29.20 on BSE
Mumbai: Shares of South Indian Bank (SIB) on Thursday tanked more than 5 per cent after the company reported a 13.88 per cent decline in March quarter net profit to Rs287.56 crore.
Tlhe board has recommended a dividend of Rs.0.30 per share with a face value of Re one.
The stock declined 5.10 per cent to settle at Rs29.20 apiece on the BSE. During the day, it tumbled 6.88 per cent to Rs28.65.
On the NSE, it went lower by 5 per cent to Rs29.20 per share.
The company’s market valuation declined by Rs410.7 crore to Rs7,638.50 crore.
In volume terms, 144.03 lakh shares of the company were traded on the BSE and over 856.36 lakh shares exchanged hands on the NSE during the day.
The private sector bank posted a net profit of Rs333.89 crore in the January-March period of the 2022-23 fiscal year.
Total expenditure increased to Rs 2,187 crore in the March quarter from Rs1,757 crore in the same period a year ago, South Indian Bank said in a regulatory filing on Thursday.
The bank’s total income rose to Rs 2,621 crore in the fourth quarter of 2023-24, from Rs 2,318 crore in the year-ago period.
For the full financial year ended March 31, 2024, the bank’s net profit rose 32.06 per cent to Rs1070.08 crore from Rs775.09 crore in the previous year 2023.
