Categories: Business

South Indian Bank’s Q4 Business Update Makes Headlines

Reading Time: < 1 minute

Shares of South Indian Bank Ltd surged today after the Thrissur-based lender announced its business update for the fourth quarter, showcasing impressive growth in key metrics. The bank reported a 3.41% increase in gross advances to Rs 80,337 crore, up from Rs 77,686 crore in the previous quarter, and a significant 11.44% rise from Rs 72,092 crore in the same quarter last fiscal year.

Investors reacted positively to the news, with South Indian Bank stock closing 7.48% higher at Rs 29.33 on Monday, compared to the previous close of Rs 27.29 on the Bombay Stock Exchange (BSE). The stock had hit a record high of Rs 36.91 on February 2, 2024.

Total deposits with the bank also saw a healthy increase to Rs 1.02 lakh crore from Rs 99,155 crore in the previous quarter, marking an 11.21% growth year-on-year. Additionally, the current account savings account (CASA) of the bank rose 8% to Rs 32,654 crore.

South Indian Bank’s CASA ratio, a key indicator of liquidity, marginally increased to 32% from 31.8% quarter-on-quarter, as per a regulatory filing by the bank.

The lender’s strong performance was further highlighted by a 200% rise in net profit for the quarter ended December 2023, reaching Rs 305.4 crore compared to Rs 103 crore in the same period a year ago. Despite a slight dip in net interest income (NII) to Rs 819 crore in Q3, down from Rs 825 crore year-on-year, the bank’s improved asset quality contributed to the impressive profit growth.

With a beta of 0.8 indicating low volatility, South Indian Bank shares have gained 118% in a year and risen 305.67% in two years, making it an attractive option for investors looking for stable returns.

Team@GQN.

Share
Published by
Team@GQN.

Recent Posts

Salesforce Developer

Job title: Salesforce Developer Company: Han Staffing Job description: salesforce apex visual Job Description:Our client…

5 months ago

JAVA DEVELOPER

Job title: JAVA DEVELOPER Company: Han Staffing Job description: End Client: WELLSFARGO Title: Java Developer…

5 months ago

Jr. Full Stack Developer

Job title: Jr. Full Stack Developer Company: Leidos Job description: DescriptionJob Description:The Leidos Decision Advantage…

5 months ago

Jr. Full Stack Developer

Job title: Jr. Full Stack Developer Company: Leidos Job description: DescriptionJob Description:The Leidos Decision Advantage…

5 months ago

Principal Software Developer

Job title: Principal Software Developer Company: Oracle Job description: Job Description:As a member of the…

5 months ago

Sr Alfresco Developer- Lead

Job title: Sr Alfresco Developer- Lead Company: InterSources Job description: Job Title: Sr Alfresco Developer-…

5 months ago