MUMBAI - Shares of South Indian Bank soared today after the lender reported a substantial increase in net profits for the third quarter. The bank's profits nearly tripled, reaching ₹305 crore, a significant leap from ₹103 crore in the same quarter the previous year.
The bank's asset quality showed marked improvement with gross non-performing assets (NPA) declining to 4.74%, down from the previous year's figures. Additionally, net NPA also improved, registering at 1.61%. These positive indicators have been well-received by investors, reflecting in the bank's stock price which escalated to nearly ₹32.
The impressive financial performance and the enhanced asset quality of South Indian Bank have contributed to the positive sentiment among shareholders and market watchers alike. This news comes as a strong signal of the bank's improving financial health and operational efficiency.
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