South Indian Bank shares in news today on Q3 business updates

Shares of South Indian Bank Ltd are in news today after the lender reported Q3 business updates. South Indian Bank stock ended 0.48% higher at Rs 25.14 on Wednesday against the previous close of Rs 25.02 on BSE. The banking stock hit a record high of Rs 36.91 on February 2, 2024 and fell to a 52 week low of Rs 22.27 on November 18, 2024.

Earlier, the stock opened higher at Rs 25.23 on BSE. Total 4.49 lakh shares of the firm changed hands amounting to a turnover of Rs 1.12 crore on BSE. Market cap of the bank stood at Rs 6,577.36 crore on BSE.

South Indian Bank shares have a beta of 1.2, indicating high volatility in a year. The stock has gained 1.91% in a year and risen 209% in three years.

In terms of technicals, the relative strength index (RSI) of the South Indian Bank stock stands at 53.7, 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, 30 day, 50 day 100 day but lower than the 150 day and 200 day moving averages.      

South Indian Bank's gross advances climbed 11.94% on a yearly basis to Rs 86,965 crore in the October-December quarter. 
Deposits rose 6.28% to Rs 1.05 lakh crore in the third quarter, as compared to Rs 99,155 crore in the same period last year.

The CASA ratio—the proportion of deposits that come from low-cost current and savings accounts—fell to 31.16% from 31.80% in the year-ago quarter. 

In Q2 of this fiscal, net profit rose 18% to Rs 325 crore in the against Rs 275 crore in the corresponding quarter of the previous fiscal. Total income climbed to Rs 2,804 crore in Q2 against Rs 2,485 crore in the same period last year. The bank earned an interest income of Rs 2,355 crore during the quarter, compared to Rs 2,129 crore in the same period a year ago.

Net interest income in Q2 rose to Rs 2355 crore in Q2 against Rs 2129 crore in Q2 of FY24.