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Synopsis : South Indian Bank's shares fell after reporting Q4 earnings and announcing dividends for FY24.
South Indian Bank shares have a beta of 0.9, indicating low volatility in a year. The stock has gained 91.45% in a year and risen 296.57% in two years.
In terms of technicals, the relative strength index (RSI) of the South Indian Bank stock stands at 49.8, signaling it's trading neither in the overbought nor in the oversold zone. South Indian Bank shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.
The bank reported a 38% rise in net profit to Rs 1,070.08 crore in the last fiscal compared to Rs 775.09 crore in FY 22-23. Operating profit of the lender climbed 24 per cent to Rs 1,867.67 crore in FY24 against Rs 1,507.33 crore in FY23.
Gross non-performing assets in Q4 slipped 64 basis points to 4.50 per cent from 5.14 per cent in Q4 of FY23. Net NPAs fell 40 basis points to 1.46 per cent in Q4 from 1.86 per cent on a year-on-year basis. The bank’s board of directors recommended a dividend of Rs 0.30 for FY24, subject to approval of the shareholders.
South Indian Bank shares exhibit a beta of 0.9, denoting subdued volatility annually. Over the past year, the stock surged by 91.45%, and in the preceding two years, it soared by 296.57%.
Regarding technical indicators, the relative strength index (RSI) for South Indian Bank stands at 49.8, indicating balanced trading without overbought or oversold conditions. Although trading below the 5-day, 10-day, 20-day, 30-day, and 50-day moving averages, it remains above the 100-day, 150-day, and 200-day moving averages.
In financial performance, the bank witnessed a 38% increase in net profit to Rs 1,070.08 crore in the last fiscal compared to Rs 775.09 crore in FY 22-23. Operating profit surged by 24% to Rs 1,867.67 crore in FY24 from Rs 1,507.33 crore in FY23.
Gross non-performing assets (NPAs) for Q4 declined by 64 basis points to 4.50% from 5.14% in Q4 of FY23. Similarly, net NPAs dropped by 40 basis points to 1.46% in Q4 from 1.86% on a year-on-year basis. The bank's board proposed a dividend of Rs 0.30 for FY24, subject to shareholder approval.
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Related Questions
1. What led to the decline in South Indian Bank shares?
South Indian Bank shares witnessed a dip after the announcement of Q4 earnings and dividends for FY24.
2. What are the key financial highlights of South Indian Bank's performance in FY24?
In FY24, South Indian Bank reported a 38% rise in net profit, reaching Rs 1,070.08 crore, and a 24% increase in operating profit to Rs 1,867.67 crore. Gross NPAs for Q4 declined by 64 basis points, and net NPAs dropped by 40 basis points year-on-year.
3. What factors influenced the volatility and technical indicators of South Indian Bank shares?
South Indian Bank shares exhibit a beta of 0.9, indicating low volatility. However, trading patterns suggest that the stock is currently below certain moving averages but above others.
4. What dividend has South Indian Bank proposed for FY24?
The board of South Indian Bank has recommended a dividend of Rs 0.30 per share for FY24, subject to approval by the shareholders.
