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South Indian Bank on Thursday reported a 13.88 per cent decline in March quarter net profit to Rs 287.56 crore. The private sector bank posted a net profit of Rs 333.89 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 Rs 1,757 crore in the same period a year ago, South Indian Bank said in a regulatory filing. 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 2023-24 fiscal, the bank's net profit rose 38 per cent to Rs 1,070 crore, from Rs 775 crore in the 2022-23 fiscal. The bank's board has recommended a dividend of Rs.0.30 per equity shares of face value of Re 1 each (30 per cent) for the financial year ended March 31, 2024 Shares of South Indian Bank were trading at Rs 28.92, down 6.01 per cent over previous close on the BSE.
Tata Motors on Monday said it has tied up with South Indian Bank to offer financing solutions to its commercial vehicle customers and dealerships. As part of the Memorandum of Understanding (MoU), South Indian Bank will offer financing solutions across the auto major's entire commercial vehicle portfolio, Tata Motors said in a statement. "For our customers, easy access to financing solutions for their commercial vehicles is one of the key priorities for their operations. Our alliance aims to empower fleet owners and dealerships to achieve their business goals," Rajesh Kaul, Tata Motors Commercial Vehicles Vice President & Business Head Trucks, said. Tata Motors sells an extensive range of sub 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions, ranging in small commercial vehicles and pickups, trucks and buses. "Our collaboration with Tata Motors enables us to deliver seamless vehicle financing solutions to commercial vehicle dealers and ...
Commercial vehicle maker Ashok Leyland Ltd on Thursday said it has partnered with South Indian Bank for financing dealers. The company has signed a Memorandum of Understanding (MoU) to provide financing to dealers under the bank's dealer finance programme, Ashok Leyland said in a statement. Under this partnership, the bank will provide competitive dealer finance options to the dealers, it added. "This alliance will offer appropriate inventory financing solutions to our network of dealers," Ashok Leyland Director and CFO Gopal Mahadevan said. South Indian Bank Senior General Manager & Group Business Head, Biji SS said this partnership will meet the business needs of both organisations and create a strong positive impact. "Through our varied financial solutions, our goal is to offer convenient and complete financing choices to the dealers," she added.
South Indian Bank on Thursday said the board of the bank has approved a rights issue raise of up to Rs 1,151 crore to fund business growth. The board has approved proposal for issuance of 5,231,85,254 rights issue on fully-paid up basis for an amount aggregating up to Rs 1,151.01 crores assuming full subscription with respect to rights equity shares, South Indian Bank said in a regulatory filing. The rights issue would be priced at Rs 22 per fully paid-up share, including a Rs 21 premium per unit on application, it said. The rights issue opens on March 6 and closes on March 20, 2024, the private sector lender added.