Page 2 - South Indian Bank

South Indian Bank approves Rs 1,151 cr rights issues to fund business

South Indian Bank on Thursday said the board of the bank has approved a rights issue raise of up to Rs 1,151 crore to fund business growth. The board has approved proposal for issuance of 5,231,85,254 rights issue on fully-paid up basis for an amount aggregating up to Rs 1,151.01 crores assuming full subscription with respect to rights equity shares, South Indian Bank said in a regulatory filing. The rights issue would be priced at Rs 22 per fully paid-up share, including a Rs 21 premium per unit on application, it said. The rights issue opens on March 6 and closes on March 20, 2024, the private sector lender added.

South Indian Bank's board approves terms of rights issue worth Rs 1,151 cr

The bank will issue 523.1 million rights shares at Rs 22 each on a fully paid-up basis

South Indian, IDBI Bank gain up to 14%; hit multi-yr highs post Q3 results

IDBI Bank surged 14% to hit over five-year high of Rs 86.97; while South Indian Bank hit a fresh six-year high of Rs 33.70 on soaring 9% backed by heavy volumes.

South Indian Bank posts almost two-fold rise in Q3 profit at Rs 305.36 cr

Gross non-performing assets reduce by 74 bps, says Thrissur-based lender

South Indian Bank soars 13%, hits 6-year high on healthy Q3 results

The management said, during the period, the bank registered growth in all the desired segments with a focus on quality asset across all verticals

Q3 FY24 report card: Bank CASA continues to remain under pressure

According to provisional data, the CASA ratio of South Indian Bank dropped to 31.79 per cent from 33.83 per cent in the same quarter of the financial year 2022-23

South Indian Bank Q2 results: Net profit rises 23% to Rs 275 crore

The bank's net interest income during the period went up from Rs 726 crore to Rs 830 crore, registering a growth of 14.3 per cent on a year-on-year basis

South Indian Bank Q2 results: Net profit jumps over 23% to Rs 275 cr

South Indian Bank on Thursday reported a 23 per cent rise in net profit to Rs 275 crore for the September quarter as provisions for bad loans came down significantly. The lender had posted a net profit of Rs 223 crore in the year-ago period. During the July-September period, total income increased to Rs 2,485 crore as against Rs 1,995 crore in the same quarter a year ago, South Indian Bank said in a regulatory filing. The interest income grew to Rs 2,129 crore from Rs 1,740 crore in the corresponding quarter a year ago. The lender's asset quality improved as gross non-performing assets (NPAs) fell to 4.96 per cent of gross advances as of September 2023 over 5.67 per cent by the end of September 2022. Net NPAs (bad loans) declined to 1.70 per cent as against 2.51 per cent at the end of the second quarter of the previous fiscal. As a result, provisions for bad loans and contingencies fell to Rs 51 crore during the quarter as compared to Rs 179.29 crore reserved for the year-ago per

RBI appoints P R Seshadri as South Indian Bank MD & CEO; stock zooms 11%

RBI has approved the appointment of P R Seshadri as Managing Director & CEO of the Bank for a period of three years with effect from October 1, 2023.

P R Seshadri to become new managing director and CEO of South Indian Bank

He holds Bachelor's degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from Indian Institute of Management, Bangalore

With a GDP growth of 6.5%, we will be growing at 13%: South Indian Bank CEO

The road map is clear that we want to grow in retail, as it helps us in diversifying the business, says Ramakrishnan, MD & CEO, South Indian Bank.

South Indian Bank Q1 net up 75% to Rs 202 cr; NIM improves by 60 bps

Net interest margin too improved by 60 basis points from 2.74 per cent to 3.34 per cent on Y-o-Y basis

Banks post robust credit growth in Q1; deposit mobilisation improves

Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs.1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to RBI

South Indian Bank jumps 12% after it clocks robust March quarter results

In the past one month, shares of South Indian Bank soared 20 per cent, as against a 2 per cent rise in the S&P BSE Sensex

South Indian Bank Q4 net profit up 23% at Rs 334 cr as advances grow

During the period under review, the bank's operating profit was seen up by 95% from Rs 288 crore in fourth quarter of FY22 to Rs 562 crore during the same period in FY23

South Indian Bank Q4 results: Net profit rises 22.4% to Rs 333 crore

The bank has identified potential candidates for managing director's post and will send final list of candidates to RBI soon

South Indian Bank to name new CEO by May as Ramakrishnan announces exit

Search committee considering internal and external options for selecting new chief of Thrissur-based lender

South Indian Bank plunges 17% as MD & CEO opts out of reappointment

The board said it considered the request of Murali Ramakrishnan, Managing Director & CEO, not to offer himself for re-appointment due to personal reasons/family circumstances.

South Indian Bank posts Rs 102-cr net profit in October-December quarter

South Indian Bank on Tuesday reported a net profit of Rs 102.75 crore, restricted by money set aside as ageing provisions for security receipts as per a regulatory mandate. The Thrissur-headquartered lender had reported a loss of Rs 50.31 crore in the year-ago period, while its profit for the preceding September quarter had stood at Rs 223 crore. Its chief executive and managing director Murali Ramakrishnan said the bank decided to take a provision of Rs 312 crore for the quarter because of a December 4, 2022 RBI circular asking lenders to do ageing provisions for security receipts (SRs) dating before 2017. He said since 2004, the bank had sold non-performing assets of Rs 1,955 crore to asset reconstruction companies, of which the balance volume after redemptions had stood at Rs 1,455 crore for which the provision had to be done. The bank will have to set aside another Rs 48 crore in the fourth quarter towards such provisions and Rs 15 crore in entire FY24 if the stock of the SRs .

South Indian Bank's move on tier-2 bond won't disrupt sector: Fitch

Lender decision to not redeem the bonds does not indicate any weakness in capital position, says ratings agency