South Indian Bank Ltd Share Price – NSE  /  BSE

Banks, Small Cap

South Indian Bank will hold a meeting of the Board of Directors of the Company on 30 July 2024.

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The bank may raise funds by way of issuance of equity shares including but not limited through preferential issue and/ or qualified institutions placement (QIP)/ global depository receipts (GDRs)/ American depository receipts (ADRs)/ foreign currency convertible bonds (FCCBs)/ or any other methods on private placement basis, FPO etc. subject to regulatory approvals, as may be required.

The board of directors may also consider borrowing/ raising funds in Indian/ foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, MTN, subject to regulatory approvals, as may be required.

South Indian Bank provides retail and corporate banking, Para banking activities such as debit card, third party product distribution, in addition to treasury and foreign exchange business.

The bank’s standalone net profit increased 45.35% to Rs 294.13 crore in Q1 FY25 as against Rs 202.35 crore recorded in Q1 FY24. Total income jumped 14.65% YoY to Rs 2,736.13 crore during the quarter.

The scrip declined 0.89% to close at Rs 26.68 on Wednesday, 23 July 2024.

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The key equity indices traded with modest losses in early afternoon trade. The Nifty traded below the 24,650 mark after hitting the day’s high of 24,854.80 in early trade. Realty shares extended losses for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 408.34 points or 0.50% to 80,939.78. The Nifty 50 index declined 160.15 points or 0.65% to 24,640.70

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 1.97% and the S&P BSE Small-Cap index declined 1.87%.

The market breadth was weak. On the BSE, 834 shares rose and 2,888 shares fell. A total of 103 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.25% to 14.69. The Nifty 25 July 2024 futures were trading at 24,651.25, at a premium of 10.55 points as compared with the spot at 24,640.70.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 80.4 lakh contracts at the 25,500 strike price. Maximum Put OI of 74.4 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Realty index declined 2.66% to 1,092.85. The index fell 2.89% in the two consecutive trading sessions.

Macrotech Developers (down 4.96%), Phoenix Mills (down 3.92%), Sobha (down 3.4%), DLF (down 3.24%) and Sunteck Realty (down 3.04%), Oberoi Realty (down 2.96%), Godrej Properties (down 2.5%), Mahindra Lifespace Developers (down 1.67%), Prestige Estates Projects (down 0.48%) and Brigade Enterprises (down 0.09%) edged lower.

Stocks in Spotlight :

South Indian Bank jumped 3.13% after the bank’s standalone net profit increased 45.35% to Rs 294.13 crore in Q1 FY25 as against Rs 202.35 crore recorded in Q1 FY24. Total income jumped 14.65% year on year to Rs 2,736.13 crore during the quarter.

Dee Development Engineers fell 1.82%. The company informed that it has bagged a purchase order worth Rs 6.33 crore from the Bharat Heavy Electricals (BHEL).

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Total income jumped 14.65% year on year to Rs 2,736.13 crore during the quarter.

Net interest income (NII) was at Rs 866 crore during the quarter, up 7.21% on YoY basis.

Operating profit was at Rs 508 crore in Q1 FY25, up by 3.62% from Rs 490 crore in Q1 FY24.

Provisions (other than tax) and contingencies stood at Rs 112.95 crore in Q1 FY25, down 43.09% from Rs 198.5 crore reported in Q1 FY24.

Profit before tax in Q1 FY25 stood at Rs 395 crore, up by 36% from as compared with Rs 291 crore in Q1 FY24.

Bank’s retail deposit jumped 8.37% YoY to Rs 99,745 crore in Q1 FY25 from Rs 92,043 crore in Q1 FY24. Gross advances grew by Rs 8,478 crore from Rs 74,102 to Rs 82,580 crore showing an increase of 11.44% on Y-o-Y basis.

CASA was at Rs 33,196 crore as on 30 June 2024, up 6.51% YoY. CASA ratio stood at Rs 32.06% as on 30 June 2024 as against 32.64% as on 30 June 2023.

Bank’s personal loan book grew by Rs 377 crore from Rs 1,935 crore to Rs 2,312 crore, showing an increase of 19.5% on YoY basis.

During the quarter, gold loan portfolio jumped 12.70% YoY from Rs 14,478 crore to Rs 16,317 crore.

On the asset quality front, the ratio of gross NPAs to gross advances was at 4.50% as on 30 June 2024 as compared to 5.13% as on 30 June 2023. The ratio of net NPA to net advances stood at 1.44% as on 30 June 2024 as against 1.85% as on 30 June 2023.

Gross NPA stood at Rs 3,719.87 crore as on 30 June 2024 as against Rs 3,620.34 crore as on 31 march 2024 and Rs 3,803.87 crore as on 30 June 2023.

Provision coverage ratio (PCR) excluding write off increased by 390 bps from 65.15% to 69.05% Y-o-Y basis. Provision coverage ratio (PCR) including write improved by 267 bps from 76.54% in Q1 FY25 to 79.22% in Q1 FY24.

Capital of the Bank stood at 18.11% in June 2024 compared to 16.49% in June 2023

Seshadri, MD & CEO of the bank, said, “The strategy adopted by the Bank continues to enable the business performance. During the period, Bank registered growth in all the desired segments with a focus on quality asset across all verticals Corporate, Auto Loan, Credit Card, Gold Loan etc.

He also stated that, in line with the strategic intent of the Bank viz, “Profitability through quality credit growth”, the Bank could on board fresh advances with low risk profile.”

South Indian Bank provides retail and corporate banking, Para banking activities such as debit card, third party product distribution, in addition to treasury and foreign exchange business. As on 31 March 2024, the bank had a network of 955 branches and 1,188 ATMs across the country.

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