South Indian Bank Q3 gross advances rise 11% to Rs 77,713 cr, stock gains 2%

Shares of South Indian Bank gained nearly 2 percent in early trade on January 2 on the back of an 11 percent rise in its Q3 gross advances to Rs 77,713 crore and 9.37 percent on-year growth in deposits. At 9:15am, the stock traded at Rs 27.25 on the NSE.

South Indian Bank reported a 10.83 percent on-year increase in its gross advances, reaching Rs 77,713 crore for the quarter ended December FY24. During the same period, deposits also grew by 9.37 percent YoY, totaling Rs 99,164 crore. The lender’s CASA (Current Account Savings Account) witnessed a 2.8 percent on-year rise to Rs 31,529 crore.

Brokerage views, target price

ICICI Securities is bullish on South Indian Bank and the brokerage house has recommended a ‘buy’ rating on the stock with a target price of Rs 31 in its research report dated October 22, 2023.

Follow our live blog for all the market action

These figures highlight the bank’s positive performance in both lending and deposit activities, indicating a steady growth trajectory. The growth in gross advances demonstrates the bank’s ability to extend loans effectively, while the rise in deposits and CASA signifies increased customer trust and engagement.

The overall financial picture suggests South Indian Bank’s resilience and stability in the market. As detailed in the business updated filing by the bank with BSE on January 1.

Stock performance

The South India Bank stock has given a return of 30.98 percent over the last six months. The benchmark Nifty Bank index has given a return of 6.81 percent over the same duration.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.