South Indian Bank

Search committee considering internal and external options for selecting new chief of Thrissur-based lender

The board said it considered the request of Murali Ramakrishnan, Managing Director & CEO, not to offer himself for re-appointment due to personal reasons/family circumstances.

South Indian Bank on Tuesday reported a net profit of Rs 102.75 crore, restricted by money set aside as ageing provisions for security receipts as per a regulatory mandate. The Thrissur-headquartered lender had reported a loss of Rs 50.31 crore in the year-ago period, while its profit for the preceding September quarter had stood at Rs 223 crore. Its chief executive and managing director Murali Ramakrishnan said the bank decided to take a provision of Rs 312 crore for the quarter because of a December 4, 2022 RBI circular asking lenders to do ageing provisions for security receipts (SRs) dating before 2017. He said since 2004, the bank had sold non-performing assets of Rs 1,955 crore to asset reconstruction companies, of which the balance volume after redemptions had stood at Rs 1,455 crore for which the provision had to be done. The bank will have to set aside another Rs 48 crore in the fourth quarter towards such provisions and Rs 15 crore in entire FY24 if the stock of the SRs .

Lender decision to not redeem the bonds does not indicate any weakness in capital position, says ratings agency

The bank is targeting double digit growth, Murali Ramakrishnan, MD & CEO of South Indian Bank said

Murali Ramakrishnan, MD and CEO of the Bank, while announcing the results, stated that the strategy of realigning the business by the bank had contributed to the above improved performance

South Indian Bank (SIB) on Thursday reported a net profit of Rs 223.10 crore for the quarter ended September 2022 as provisions for bad loans came down significantly. The lender had posted a net loss of Rs 187.06 crore in the same quarter a year ago. Total income during July-September 2022-23 was up 10.6 per cent at Rs 1,995.24 crore as against Rs 1,803.76 crore in the same quarter a year ago, SIB said in a regulatory filing. The interest income grew to Rs 1,740.14 crore from Rs 1,646.59 crore. Asset quality of the lender improved as gross non-performing assets (NPAs) fell to 5.67 per cent of gross advances as of end-September 2022 from 6.65 per cent by end of September 2021. In value terms, gross NPAs stood at Rs 3,856.13 crore as against Rs 3,879.60 crore. Net NPAs (bad loans) were trimmed to 2.51 per cent (Rs 1,647.13 crore) as against 3.85 per cent (Rs 2,178.49 crore). Provisions for bad loans and contingencies fell down by more than 57 per cent to Rs 179.29 crore during th

South Indian Bank bagged a world record for staging and swinging the highest 101The South Indian Bank on Sunday organized an event 'Onnichirikkam Oonjaladam' and was accoladed with the World Book of Records award for 'staging and swinging 101 Oonjals'.The event 'Onnichirikkam Oonjaladam' saw people gathered in large numbers to celebrate unity and prosperity during the ongoing festival season. Swings were made using wood and rope in the traditional way.South Indian Bank had yesterday for the first time organized a first-of-its-kind category event 'Staging and Swinging 101 Oonjals' simultaneously at a single venue in Kochi.The World Book of Records team presented the Award to South Indian Bank officials.While speaking to ANI, Murali Ramakrishnan- MD and CEO of the South Indian Bank said, "Because of the present generation of technology, etc, I think people forget the authentic happiness which you are all getting when we all playing swing in our younger days. So South Indian Bank being a

In Q1, South Indian Bank's gross advances saw a growth of 10.95 per cent compared to the same period last financial year

CLOSING BELL: This was the first gain for benchmark indices in seven days

Private sector lender South Indian Bank has raised the marginal cost of funds based lending rates by up to 0.20 per cent across various tenors to be effective from Monday. The Marginal Cost of Funds Based Lending Rates (MCLR) applicable for multiple tenors has been revised with effect from June 20, 2022, South Indian Bank said in regulatory filing on Saturday. The benchmark one-year MCLR has been revised upwards to 8.35 per cent from 8.15 per cent earlier. The one-year MCLR is the rate against which most of the consumer loans such as auto, home and personal are decided. The three-month MCLR has also been revised up by equal measure to 7.95 per cent. The other tenor loans such as overnight, one-month and six-month have been upped by 0.15 per cent each in the range of 7.80-8.05 per cent, the bank said. Most of the banks have revised their lending rate after the Reserve Bank of India increased the benchmark key repo rate by 0.50 per cent to 4.90 per cent earlier on June 8. The repo

Award was bestowed upon for bank's exceptional use of robotic process automation capabilities under crisis for solving severe operational constraints and ensuring business continuity

The bank declared an operating profit of Rs 111.91 crore for the Q2 FY 22 as against Rs 390.94 crore for the Q2 FY21

South Indian Bank (SIB) on Thursday reported an 87.4 per cent year-on-year decline in net profit to Rs 10.31 crore for the June quarter as interest income fell while proportion of bad assets soared.

The bank reported a net interest income of Rs 561 crore, down 6 per cent year-on-year (YoY)

South Indian Bank's total deposits dipped marginally to Rs 82,710 crore in the January to March quarter from Rs 83,034 crore in the year-ago period

Lender plans to raise another Rs 510 crore to supports its Vision 2024

The bank had recorded a net profit of Rs 90.54 crore in the corresponding period of the previous financial year

CEO sees quarterly loss mainly on account of stress in the economy due to the coronavirus pandemic.

While current growth trends remain muted due to the Covid-19 pandemic, the bank is optimistic of a revival in growth from Q1FY22 onwards