Shares of South Indian Bank Limited spiked 10 percent today and currently trade at a price of Rs 17.95. In the last one-month period, the stock has been able to generate around 18 percent returns for its stakeholders.
One of the prime causes leading the stock prices to jump today is after the Bank, through a regulatory filing with the exchange, announced its Q4 as well as annual results for the financial year 2022-23. Facts and figures pertaining to the same are been discussed later on in the report.
Keeping a purview of one year, the Banking stock has delivered multibagger returns of 135 percent which means if someone would have invested Rs 1,00,000 in the stock, it would have converted to Rs 2,35,000 within a period of one year.
South Indian Bank Limited, incorporated in 1928, is engaged in the business of providing business and personal banking services. Moreover, it offers term deposits, saving accounts, online trading, demat services, etc.
Having a quick glance at the consolidated numbers reported, the total income generated by the Bank, on a QoQ basis, has improved from Rs 1,864 crores in Q3 v/s Rs 2,318 crores in Q4. Moreover, the net profits, during the same time period, showed an increase of approximately 224 percent from Rs 103 crores to Rs 334 crores.
Coming onto the yearly comparisons, the total income figures went up from Rs 7,620 crores during FY21-22 to Rs 8,045 crores in FY22-23 and net profits moved from Rs 45 crores to Rs 775 crores exhibiting an upside of 1,622 percent.
Foreign Institutional Investors (FIIs) nearly doubled their stake in the Bank from 7.82 percent in the Q2 v/s 14.88 percent during Q3. Currently, they hold a 14.58 percent stake in the company.
Written by Amit Madnani
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