95-Yrs Old Bank To Consider 21st Dividend, Buy For TP Rs 32.4/Share; 2-Yrs Return 265%

Board of Directors of South Indian Bank Ltd will hold meeting on May 2, 2024 to consider, approve financial results and recommend dividend for the financial year 2023-24, if any. Last trading price of South Indian Bank Ltd share on BSE is Rs 27.41 per share with intraday fall of 0.72% as on April 19, 2024. South Indian Bank shares offered return of 286% in last 3-years. Life Insurance Corporation Of India (LIC) has 2.55% stake in South Indian Bank with 66,711,540 shares

The bank has a market capitalisation of Rs 7170.25 crore. Meanwhile, Equity Research has recommended buy call to South Indian Bank share with target price of Rs 32.4. More details about South Indian Bank, dividend, buy call recommendation, and share performance below:

South Indian Bank To Consider Dividend On May 2: As per the regulatory filing of the company dated April 19, 2024, "a meeting of the Board of Directors of The South Indian Bank Ltd., Thrissur, is scheduled to be held on Thursday, the 2nd day of May, 2024 inter-alia to consider, approve and take on record the Audited Standalone and Consolidated Financial Results of the Bank for the quarter and financial year ended 31st March, 2024 and to recommend consideration of Dividend for the financial year 2023-24, if any, subject to the approval of Shareholders at the Annual General Meeting of the Bank."

South Indian Bank Share Performance & Return: The 52-week high price of South Indian Bank share on BSE is Rs 36.91 per share (as on 02/02/2024) and 52-week low price is Rs 14.02 per share (as on 21/04/2023), respectively. South Indian Bank Ltd share fell 7% in last 2-weeks, surged 13.78% in last 6-months, rose 91% in last 1-year, and gave return of 265% in last 2-years. In last 5-years, SIB share zoomed 73%.

South Indian Bank Gets Buy Call: Brokerage firm Equity Research has recommended buy call to South Indian Bank share with target price of Rs 32.4 apiece and maintain stop loss at Rs 24.25 per share. The brokerage house has urged traders to initiate long positions only after the South Indian bank realistically maintains levels above 27.5.

SIB Technical: Score is 46.58 indicating the stock is technically neutral. Stocks with score above 70 are considered as technically Strong and below 35 are considered weak. RSI is 41.8, RSI below 30 is considered oversold and above 70 overbought. MFI is 52.8, MFI below 30 is considered oversold and above 70 overbought. Number of FII/FPI investors increased from 129 to 161 in Mar 2024 quarter. Mutual Funds have decreased holdings from 4.53% to 1.69% in Mar 2024 quarter. Life Insurance Corporation Of India (LIC) has 2.55% stake in South Indian Bank with 66,711,540 shares. according to Trendlyne.

SIB Financial: The leading private sector lender reported its financial results earlier this year on January 18, 2024. It announced a huge surge of 197.42% in its net profit to Rs 305.6 crore for the October-December 2023-24 period as against Rs 102.75 crore declared in the corresponding quarter of last year. SIB's gross non-performing asset (NPA) declared at 4.74%, down from 5.48% declared in the similar quarter of last year. Meanwhile, net NPA for the quarter declared at 1.61%, improving from 2.26% on a year-on-year (YoY) basis.

South Indian Bank Dividend History: SIB announced 20 dividends since June 22, 2001. In last 12 months, South Indian Bank announced an equity dividend amounting to Re 0.30 per share. At the current share price of Rs 27.41, South Indian Bank offers a dividend yield of 1.09%.

About: One of the earliest banks in South India, "South Indian Bank" came into being during the Swadeshi movement. The bank was the FIRST among the private sector banks in Kerala to become a scheduled bank in 1946 under the RBI Act. It also emerged as the FIRST bank in the private sector in India to open a Currency Chest on behalf of the RBI in April 1992. The South Indian Bank has branches all across India and a clientele across the world. It is considered as one of the most pro-active banks in India with a competent tech savvy team of professional at the core of services, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Equity Research. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.