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Dubai-based businessman Yusuffali M A, promoter of the $5-billion Lulu Group, has picked up a two per cent stake in South Indian Bank (SIB).
According to bulk deal data of National Stock Exchange (NSE), he bought 30 million shares of the Kerala-based old-generation bank, at Rs 21 a piece for estimated value of Rs 63 crore.
The SIB scrip closed at Rs 21.05 apiece on the BSE on Monday, up 3.85 per cent from the previous close.
Meanwhile, FID Funds (Mauritius) Ltd, a foreign institutional investor, sold 27.6 million shares of SIB at Rs 21 apiece for an estimated value of Rs 58.09 crore.
With SIB, Yusuffali now holds stake in four private banks. Dhanlaxmi Bank, Federal Bank and Catholic Syrian Bank are the other three. SIB posted a 10.18 per cent rise in net profit at Rs 141.31 crore in the third quarter of FY14, against Rs 128.25 crore in the year-ago period. During the same period, its net interest income declined by 0.61 per cent to Rs 350.47 crore.
The share of low cost deposits (current account and savings deposits) in total deposits rose to 21.2 per cent (December 2013) from 20.4 per cent (December 2012). Its gross non-performing assets (NPAs) stood at 1.7 per cent (December 2013) as against 1.6 per cent (December 2012).
