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Wednesday, 27 March 2019

Allahabad Bank gains 2% as board approves raising Rs 4,000 cr

Shares of Allahabad Bank rallied nearly 2 percent intraday on March 27 after the company board approved raising equity capital of up to Rs 4,000 crore.

The bank in its BSE release on March 26 said that the capital would be raised via, "Public Issue, Rights Issue, Qualified Institutions Placements (QIPs) or in combination thereof in one or more tranches in such a manner that the government of India shall continue to hold not less than 52 percent of the paid-up equity capital of the bank."

At 1103 hrs, Allahabad Bank was quoting Rs 51.85, up 1.67 percent on the BSE.

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Source: Moneycontrol

Monday, 21 January 2019

South Indian Bank falls 8% as Q3 profit falls 27%; asset quality deteriorates

South Indian Bank’s shares plunged over 8 percent as investors reacted to the December quarter results.

The bank posted 27 percent decline in net profit at Rs 83.85 crore for the third quarter ended December 31, 2018.

The bank had recorded a net profit of Rs 115 crore in the corresponding period of the previous financial year.

Total income of the lender, however, improved to Rs 1,921.93 crore during the quarter under review, as against Rs 1,735.77 crore in the year-ago period, South Indian Bank said in a regulatory filing.

Gross non-performing assets (NPAs) rose to 4.88 per cent of the total advances, compared to 3.40 per cent at the end of the third quarter of 2017-18.

Net NPAs also increased to 3.54 per cent in October-December 2018 from 2.35 percent a year ago.