South Indian Bank saw a nearly 2 percent increase in early trade on January 2, fueled by an impressive 11 percent surge in its Q3 gross advances, reaching Rs 77,713 crore. Additionally, the bank reported a notable 9.37 percent year-on-year growth in deposits.
For the quarter ending December FY24, South Indian Bank showcased a substantial 10.83 percent on-year increase in gross advances, reaching the impressive figure of Rs 77,713 crore. Concurrently, deposits witnessed a commendable 9.37 percent year-on-year growth, accumulating to Rs 99,164 crore. The bank’s Current Account Savings Account (CASA) experienced a 2.8 percent on-year rise, reaching Rs 31,529 crore.
Adding to the positive outlook, ICICI Securities has expressed bullish sentiments towards South Indian Bank, recommending a ‘buy’ rating on the stock with a target price of Rs 31, as indicated in its research report dated October 22, 2023.
As of 11:25 am, the shares were trading 1.12% higher at ₹27.15.
