South Indian bank advances on upbeat quarterly results

South Indian Bank

19/07/2024 10:59

** Shares of South Indian Bank  SIBK.NS  rise as much as
6.3% to 28.19 rupees
    ** Stock last up 3.3%, one of few banks up as broader
markets  .BO  decline
    ** Lender's Q1 net profit jumps 45% as provisions decline,
net interest income rises 7.2%
    ** Net interest margin, however, falls 8 bps to 3.26% 
    ** Around 2.7 mln shares traded vs 4.2x 30-day avg volume
    ** Analysts tracking stock rate it "buy" on avg - LSEG data
    ** Stock extends YTD gains to ~11% vs banking stocks'
 .NSEBANK  8.3% gain


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))