E-Paper
Stock market today| South Indian Bank share price falls 7% after Q4 business update: Details here
South Indian Bank share price: The stock fell 7.09 per cent to hit a day low of ₹27.25 after bank said its provisional gross advances rose 3.41% in Q4 FY24.
South Indian Bank share price: Shares of South Indian Bank Ltd fell today (April 2) after the Thrissur-based lender announced its business update for the March quarter (Q4 FY24). The stock fell 7.09 per cent to hit a day low of ₹27.25 after the bank said its provisional gross advances rose 3.41 per cent to ₹80,337 crore in Q4 FY24, from ₹77,686 crore in the previous quarter.
Read more: Aditya Birla Fashion share price today jumps 15%. Here's why
The bank also said that advances rose 11.44 per cent (YoY) from ₹72,092 crore in Q4 of the last fiscal and current account savings account (CASA) climbed 8 per cent to ₹32,654 crore from ₹31,529 crore in the previous quarter.
Read more: Gautam Adani's post for his granddaughter: ‘All the wealth of the world is pale’
The CASA ratio rose marginally to 32 per cent from 31.8 per cent on a sequential basis, bank said but it slipped 94 basis points from 32.98 per cent in the year-ago period.
Read more: Tata Technologies share price rises 7% over joint venture with BMW: Top points
In March, the Reserve Bank of India (RBI) asked South Indian Bank and Federal Bank to stop adding new customers to their co-branded credit cards. South Indian Bank said it has been asked to stop on-boarding any fresh customers in its co-branded credit cards as it was asked to comply with regulatory guidelines.
Read more: Sensex 150 points lower, Nifty below 22,450: Will downward trend continue? What to expect next?
Meanwhile, Federal Bank said it has been asked to halt the issuance of new co-branded credit cards, adding, “The Bank is in the process of rectifying the areas that are deficient and will seek regulatory clearance prior to resumption of new issuance.”
