South Indian Bank shares in news as lender shares Q4 business update

Shares of South Indian Bank Ltd are in news today as the Thrissur-based lender announced its business update for fourth quarter. According to the update, the bank's gross advances rose 3.41% to Rs 80,337 crore in the March 2024 quarter, from Rs 77,686 crore in the previous quarter. Advances rose 11.44% from Rs 72,092 crore in Q4 of the last fiscal.

South Indian Bank stock ended 7.48% higher at Rs 29.33 on Monday against the previous close of Rs 27.29 on BSE. The banking stock hit a record high of Rs 36.91 on February 2, 2024.

Earlier, the stock opened higher at Rs 27.83 on BSE. Total 80.57 lakh shares of the firm changed hands amounting to a turnover of Rs 23.06 crore on BSE. Market cap of the bank stood at Rs 7672 crore on BSE.

Total deposits with the bank climbed to Rs 1.02 lakh crore compared to Rs 99,155 crore in the previous quarter. On a year on year basis, deposits climbed 11.21% from Rs 91,651 crore.

The current account savings account (CASA) of the bank rose 8% to Rs 32,654 crore from Rs 31,529 crore in the previous quarter.

The CASA ratio, an indicator of a bank's liquidity position, rose marginally to 32% from 31.8% quarter-on-quarter, South Indian Bank said in a regulatory filing.

"The above data is provisional and is subject to audit by the statutory auditors of the Bank," the bank added.

South Indian Bank shares have a beta of 0.8, indicating very low volatility in a year. The stock has gained 118% in a year and risen 305.67% in a span of two years.

In terms of technicals, the relative strength index (RSI) of the South Indian Bank stock stands at 50.1, signaling it's trading neither in the overbought nor in the oversold zone. South Indian Bank shares are trading higher than the 5 day, 10 day, 20 day, 100 day and 200 day but lower than the 30 day and 50 day moving averages.

The lender reported about 200% rise in net profit for the quarter ended December 2023 on improvement in asset quality.

Net profit tripled to Rs 305.4 crore in the third quarter compared to Rs 103 crore in the same period a year ago. The bank's net interest income (NII), which is interest earned less interest expended, fell 0.7% to Rs 819 crore in Q3 as against Rs 825 crore on-year.