South Indian Bank’s shares, after delivering multibagger returns in the last six months, extended its gains on Tuesday on the back of healthy quarterly updates by the lenders.
In an exchange filing, the private lender said that its advances jumped 18 per cent year-on-year (YoY) basis to Rs 70,168 crore as of December 31, 2022, against Rs 61,816 crore on December 31, 2021.
The total deposits of the bank increased to 3 per cent on a YoY basis to Rs 90,714 crore as of Q3FY23. The deposits stood at Rs 89.142 crore in the year ago period, its filing said.
Thrissur, Kerala headquartered bank’s CASA level improved 9 per cent on a yearly basis to Rs 30,699 crore, whereas CASA ratio saw a rise of 189 basis points to 33.84 per cent, it added further.
Following the update, shares of South Indian Bank jumped over 10 per cent to Rs 21.25 on Tuesday, before giving up its gains partially. The stock had settled at Rs 19.25 on Monday.
The lender clarified that the data given in the regulatory filing is provisional and is subject to audit by the statutory auditors of the bank.
Shares of South Indian Bank have delivered a return of 200 per cent, almost tripling from its 52-week low of Rs 7.27 in June 2022. The stock is hovering near its 52-week high of Rs 21.80.
South Indian Bank has 933 branches, 4 service branches, 1 extension counters and 18 Regional Offices spread across India. The bank has also set up more than 1,200 ATMs and 120 Cash Deposit Machines.
For the quarter ended on September 30, 2022, the bank had reported net profit of Rs 223.10 crore in as against net loss of Rs 187.06 crore in the same quarter in the year ago period.
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