One of the leading private sector bank share prices hit its 52-week high of ₹29.89 per share from its previous close of ₹28.38 after the company announced its quarterly results.
In the exchange filing, the South Indian Bank Ltd announced its financial result for the quarter ended 31 December 2023.
Looking at their financial performance their net revenue rose by by 15% year over year, from ₹1,898 crore in Q3FY23 to ₹2,184 crore in Q3FY24. Their revenue rose by 2.5% sequentially from ₹2,129 crore in Q2FY24 to the current levels.
Additionally, the company’s net profit spiked by 196% from ₹103 crores in Q3FY23 to ₹305 crores in Q3FY24. The company’s quarterly profit increased by 11% from ₹274 crore in Q2FY24 to current levels.
Furthermore, as of January 20, 2024, South Indian Bank Ltd revised its Marginal Cost of Funds Based Lending Rates (MCLR) by up to 10 basis points for overnight, one-month, and three-month MCLRs and 5 basis points for six-month and one-year MCLR, according to a filing on January 16, 2023.
South Indian Bank Ltd is a small-cap company with a market capitalization of ₹6,300 crores, the share price of the company rose 28% in the last six months and 59% in the last years.
In comparison to its peer company, the company has a low price-to-earnings ratio of 6, a low price-to-book value ratio of 0.94, a 10% net profit margin, a 12% return on equity, and a 5% return on capital employed.
The majority of the shares are held by the general public 79%, with foreign institutional investors holding 15% and domestic institutional investors holding 6%.
South Indian Bank offers retail and corporate banking, as well as para-banking services such as debit cards and third-party financial product distribution, in addition to Treasury and Foreign Exchange business.
Written by Sriram KV
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