Bank Stock Declares 23% Rise In Profit, Shares Rally Over 8%

Leading South Indian based bank, South Indian Bank declared its highest ever quarterly net profit on Thursday to Rs 333.9 crore for March quarter, up 23% as against Rs 272 crore declared in the corresponding quarter last year. Shares witnessed a surge of 8.48% to Rs 17.68 per share on Friday after robust results. The shares of the bank gave return of 131% in last 1-year only.

For the entire fiscal year of 2022-23, South Indian Bank Ltd reported a profit of Rs 775 crore. Check details below:

South Indian Bank Declares Dividend: According to the BSE filing of the company, "the Board of Directors of the Bank has recommended a dividend of Re.0.30 per equity shares of face value of Re.1/- each (30%) for the financial year ended 31st March, 2023 (Previous Year: Nil), subject to the approval of the Shareholders of the Bank at the ensuing Annual General Meeting."

South Indian Bank Stock Performance & Return: Last trading price of South Indian Bank is Rs 17.68 per share with intraday gain of 8.48%. The stock's 52-week high price is Rs 21.80 per share and 52-week low price is Rs 7.27 per share, respectively. The shares jumped 22% in last 6 months, gave return of 131% in last 1-year, 56% return in last 2-years, and 231% return in last 3-years.

About: One of the earliest banks in South India, "South Indian Bank" came into being during the Swadeshi movement. South Indian Bank is one of the leading private sector bank in India which provides a wide range of banking services to the customers.