South Indian Bank shares gain on Rs 1,000 crore fundraise plan

The funds will be raised by issuance of equity shares or other securities. However, the method through which the funds would be raised has not been clarified by the bank yet.

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South Indian Bank shares were up 3.58 percent at Rs 2.25 at 9.34 am after the lender announced the raising of funds worth Rs 1,000 crore.

The funds will be raised by issuance of equity shares or other securities. However, the method through which the funds would be raised has not been clarified by the bank yet.

South Indian Bank has given 147 percent returns in the last one year.

South Indian Bank announced its Q1FY24 results on July 20. The lender’s net profit increased 76 percent year-on-year to Rs 202 crore in the April-to-June quarter.

The lender’s net Non-Performing Assets (NPA) ratio reduced by 102 basis points year-on-year to 1.85 percent in Q1FY24. NPA ratio refers to the total value of gross NPAs as a proportion of the total value of gross advances (loans).

The bank’s capital adequacy ratio improved by 255 basis points to 16.49 percent between October 2022 and June 2023.

South Indian Bank’s net interest margin increased 34 percent to Rs 808 crore in Q1FY24 as compared with the same period a year ago. Net interest margin is the amount of money that a bank is earning in interest on loans compared to the amount it is paying in interest on deposits.

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Advances grew 15 percent year-on-year to Rs 74,102 crore in the April-to-June quarter. Deposits grew 8 percent year-on-year to Rs 95,499 crore in the same period.

Headquartered in Thrissur, the bank offers banking and financial services to its customers. The banking products mainly include loans, savings, investment vehicles, insurance, etc.

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