Stock market today| South Indian Bank share price falls 7% after Q4 business update: Details here - Hindustan Times
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Stock market today| South Indian Bank share price falls 7% after Q4 business update: Details here

Apr 02, 2024 11:44 AM IST

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.

South Indian Bank share price: The stock fell 7.09 per cent to hit a day low of <span class='webrupee'>₹</span>27.25.
South Indian Bank share price: The stock fell 7.09 per cent to hit a day low of 27.25.

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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.

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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.

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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.

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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.”

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