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South Indian Bank is scheduled to announce its 2QFY2011 results today. The bank is
expected to post a muted Net Interest Income (NII) growth of 4.2% yoy and 2.8% qoq to
`172cr. Non-interest income is expected to decline by 45.4% yoy to `36cr. Provisions are
expected to be lower by 47.4% yoy. The net profit is expected to decline by 13.1% yoy but
it is expected to go up by 8.0% qoq to `63cr. At the CMP, the stock is trading at 1.5x
FY2012E ABV of `17. We have a Neutral rating on the stock.
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