
Shares of South Indian Bank Ltd. saw a slight increase today after the lender reported its business updates for the third quarter. The bank’s stock ended 0.48% higher at Rs 25.14 on Wednesday, compared to the previous close of Rs 25.02 on the Bombay Stock Exchange (BSE). Earlier in the day, the stock opened at Rs 25.23.
During the trading session, 4.49 lakh shares of the bank were traded, generating a turnover of Rs 1.12 crore on the BSE. As of the latest data, the bank’s market capitalization stands at Rs 6,577.36 crore.
South Indian Bank’s stock has seen significant fluctuations in recent months. It reached a record high of Rs 36.91 on February 2, 2024, but dropped to a 52-week low of Rs 22.27 on November 18, 2024. Over the past year, the stock has gained 1.91%, and in the last three years, it has risen by an impressive 209%.
In terms of stock volatility, South Indian Bank has a beta of 1.2, indicating higher price fluctuations compared to the overall market. Technical indicators show that the stock’s Relative Strength Index (RSI) stands at 53.7, suggesting that it is neither overbought nor oversold. The stock is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day moving averages but below its 150-day and 200-day moving averages.
Q3 Performance Shows Growth in Key Metrics
South Indian Bank reported positive growth in key financial metrics for the October-December quarter. Gross advances increased by 11.94% year-on-year, reaching Rs 86,965 crore. Deposits also rose by 6.28%, totaling Rs 1.05 lakh crore, compared to Rs 99,155 crore in the same period last year.
However, the bank’s CASA (Current Account and Savings Account) ratio, which represents low-cost deposits, declined slightly to 31.16% from 31.80% in the previous year.
For the second quarter of the fiscal year, South Indian Bank reported an 18% rise in net profit, which reached Rs 325 crore, up from Rs 275 crore in the same period of the previous year. Total income increased to Rs 2,804 crore, compared to Rs 2,485 crore in Q2 of FY24. The bank’s interest income also saw a rise, reaching Rs 2,355 crore in Q2, up from Rs 2,129 crore during the same period last year.