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Shares of South Indian Bank continue to surge after posting a stellar Q2FY23 performance
![Shares of South Indian Bank continue to surge after posting a stellar Q2FY23 performance Shares of South Indian Bank continue to surge after posting a stellar Q2FY23 performance](https://storage.googleapis.com/5paisa-prod-storage/files/2022-10/Trending%20Company_15.jpg)
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Last Updated: 14th December 2022 - 01:57 pm
The stock touched an intra-day high of Rs 14.12, logging a fresh 52-week high.
Shares of South Indian Bank Ltd are buzzing on the bourses today. As of 11.43 am, the shares of South Indian Bank Ltd are trading at Rs 13.93 apiece, higher by 6.01% over the previous close of Rs 13.14 on BSE. Meanwhile, the frontline index S&P BSE Sensex is up by 0.29%.
In today’s session, the scrip of South Indian Bank Ltd opened at Rs 13.55. The stock touched an intra-day high of Rs 14.12, logging a fresh 52-week high. Further, the scrip touched an intra-day low of Rs 13.29. The stock’s 52-week low stands at Rs 7.27.
The rally in the share price comes after a stellar performance reported by the bank. Last week, on 20 October, the bank announced its results for the quarter and half year ended 30 September 2022. The bank achieved disbursements of Rs 26,089 crore during H1FY23 compared to Rs 8,809 crore during H1FY22.
It reported a Profit after Tax (PAT) of Rs 223 crore against a loss of Rs 187 crore on a YoY basis. The net interest income (NII) stood at Rs 726 crore for Q2FY23, which is the highest ever compared to Rs 527 crore on a YoY basis. The half-yearly disbursement stood at Rs 26,089 crore, the highest ever in the last 20 quarters. Advances touched Rs 67,963 crore as against Rs 58,309 crore YoY, registering a growth of 17%. Total business crossed Rs 1,56,440 crore as on 30-09-2022 against Rs. 1,45,148 crore as on 30-09-2021. Net interest margin improved by 72 bps YoY to 3.21% in Q2FY2023 vs 2.49% in Q1FY2022.
The bank is a part of the S&P BSE SmallCap index. It is trading at a PE multiple of 4.91 compared to the industry PE of 21.44x. The bank has a market capitalisation of Rs 2,873.33 crore. In FY22, the bank delivered an ROE and ROCE of 0.77% and 2.02%.
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