Page 2 - South Indian Bank

Tata Motors partners with South Indian Bank for commercial vehicle finance

Tata Motors on Monday said it has tied up with South Indian Bank to offer financing solutions to its commercial vehicle customers and dealerships. As part of the Memorandum of Understanding (MoU), South Indian Bank will offer financing solutions across the auto major's entire commercial vehicle portfolio, Tata Motors said in a statement. "For our customers, easy access to financing solutions for their commercial vehicles is one of the key priorities for their operations. Our alliance aims to empower fleet owners and dealerships to achieve their business goals," Rajesh Kaul, Tata Motors Commercial Vehicles Vice President & Business Head Trucks, said. Tata Motors sells an extensive range of sub 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions, ranging in small commercial vehicles and pickups, trucks and buses. "Our collaboration with Tata Motors enables us to deliver seamless vehicle financing solutions to commercial vehicle dealers and ...

Ashok Leyland, South Indian Bank sign MoU to provide financing to dealers

Commercial vehicle maker Ashok Leyland Ltd on Thursday said it has partnered with South Indian Bank for financing dealers. The company has signed a Memorandum of Understanding (MoU) to provide financing to dealers under the bank's dealer finance programme, Ashok Leyland said in a statement. Under this partnership, the bank will provide competitive dealer finance options to the dealers, it added. "This alliance will offer appropriate inventory financing solutions to our network of dealers," Ashok Leyland Director and CFO Gopal Mahadevan said. South Indian Bank Senior General Manager & Group Business Head, Biji SS said this partnership will meet the business needs of both organisations and create a strong positive impact. "Through our varied financial solutions, our goal is to offer convenient and complete financing choices to the dealers," she added.

RBL Bank appoints Murali Ramakrishnan as independent director for 4 years

Earlier, Ramakrishnan served as the Managing Director & Chief Executive Officer of South Indian Bank

South Indian Bank, Karur Vysya Bank post double digit growth in deposits

The deposits of South Indian Bank grew by 11.21% year-on-year (Y-o-Y) to Rs 1,01,929 crore from Rs 91,651 cr. Meanwhile, the deposits of Karur Vysya Bank rose by 16.28% Y-o-Y to Rs 89,113 cr

South Indian Bank shares sink 7% post Q4 business update

Last month, the Reserve Bank of India had asked South Indian Bank to not enroll new customers for its co-branded products till regulatory requirements are complied with

RBI bars Federal, South Indian Bank from issuing co-branded credit cards

South Indian Bank has one co-branded credit card in partnership with the State Bank of India (SBI), available in two variants: SimplySAVE and Platinum

RBI tells 2 banks to stop adding new customers to co-branded credit cards

RBI directed South Indian Bank and Federal Bank to stop adding new customers to their co-branded credit cards, the lenders did not disclose the reasons cited by the central 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