South Indian Bank stock rises after lending rate hike
SIBK
-0.40%
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SIBK
-0.24%
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Shares of South Indian Bank saw a slight increase today, opening at ₹25.10, a 0.6% rise from the previous session’s closing value, following the announcement of increased lending rates. The stock began trading this morning at 09:30 IST with indications of stable asset quality.
The modest uptick comes on the heels of the bank’s recent financial performance report. On October 19, South Indian Bank reported a substantial 23.2% year-over-year increase in net profit for the second quarter of the fiscal year 2024, totaling ₹275 crore (INR100 crore = approx. USD12 million). This growth is attributed to a notable improvement in asset quality, as evidenced by the reduction in Gross Non-Performing Assets (GNPA) from 5.67% to 4.96% compared to last year’s same quarter.
The bank’s strategic focus on personal and gold loans has contributed to this positive outcome. Personal loans experienced an increase of ₹684 crore, bringing the portfolio size to ₹2,107 crore. Additionally, gold loans expanded by ₹2,087 crore year-over-year, resulting in a robust portfolio valued at ₹14,998 crore.
InvestingPro Insights
In light of the recent performance of South Indian Bank (SIBK), InvestingPro provides useful real-time data and tips. The bank’s market cap stands at a respectable $270.57 million, with a P/E ratio of 12.15 as of Q3 2023. The bank has also seen a revenue growth of 6.74% over the last twelve months leading up to Q3 2023.
InvestingPro Tips highlight that the bank has been consistently increasing earnings per share and is a prominent player in the Banks industry. Despite a slowdown in revenue growth recently, the bank has shown a high return over the last year, and analysts predict the company will remain profitable this year.
For more insights like these, consider subscribing to InvestingPro. With the ongoing Black Friday sale, you can enjoy up to a 55% discount on your subscription. InvestingPro offers an extensive list of tips, with 13 additional tips available for South Indian Bank alone. These tips could be crucial in making informed investment decisions.
