South Indian Bank Shares

The up move in South Indian Bank share price came after the lender announced a strong set of September quarter of financial year 2025 (Q2FY25) results.

The bank's standalone net profit rose 45.4 per cent to Rs 294.1 crore in Q1FY25, as opposed to Rs 202.4 crore in Q1FY24.

South Indian Bank on Thursday reported a 45.29 per cent jump in its June quarter net profit at Rs 294 crore, helped by lower provisions. The lender had posted a net profit of Rs 202 crore in the year-ago period, according to a statement. Its core net interest income grew 7 per cent to Rs 808 crore, on the back of a 11 per cent growth in overall advances and 0.08 per cent decline in the net interest margin at 3.26 per cent. The other income grew 16.8 per cent to Rs 422 crore. Overall deposits grew by 8.41 per cent to Rs 1.03 lakh crore. The provisions were lower by 43 per cent to Rs 113 crore, which helped the bank widen its profit growth. On the asset quality front, the proportion of gross non performing assets stood at 4.50 per cent as against the 5.13 per cent in the year-ago period. Its overall capital adequacy stood at 18.11 per cent as on June 30, 2024. The bank scrip closed 1.27 per cent down at Rs 26.50 apiece on the BSE, as against gains of 0.78 per cent on the benchmark

The bank will focus more on growing its retail and micro, small and medium enterprises (MSME) portfolio

The deposits of South Indian Bank grew by 11.21% year-on-year (Y-o-Y) to Rs 1,01,929 crore from Rs 91,651 cr. Meanwhile, the deposits of Karur Vysya Bank rose by 16.28% Y-o-Y to Rs 89,113 cr

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.

The bank will issue 523.1 million rights shares at Rs 22 each on a fully paid-up basis

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During the period under review, the bank's operating profit was seen up by 95% from Rs 288 crore in fourth quarter of FY22 to Rs 562 crore during the same period in FY23

Search committee considering internal and external options for selecting new chief of Thrissur-based lender

Lender decision to not redeem the bonds does not indicate any weakness in capital position, says ratings agency

Award was bestowed upon for bank's exceptional use of robotic process automation capabilities under crisis for solving severe operational constraints and ensuring business continuity

While current growth trends remain muted due to the Covid-19 pandemic, the bank is optimistic of a revival in growth from Q1FY22 onwards

People in the know said the bank expects the fund raising to support its plan to grow its advances by 20%

Shares of South Indian Bank slipped as much as 8.3 per cent to Rs 14.25 apiece in the intra-day trade on BSE after the company announced its December quarter results on Saturday.