South Indian Bank’s stock witnessed a remarkable upswing, surging by over 11% to reach Rs 23.45 on Friday.
The bank’s shares are now in close proximity to their highest point in the past 52 weeks.
This surge has been attributed to a significant approval granted by the Reserve Bank of India (RBI).
The bank’s shares reached a 52-week high of Rs 23.69, in contrast to their lowest point at Rs 7.86.
Reserve Bank’s Green Light
In a regulatory filing, South Indian Bank revealed that the Reserve Bank of India (RBI) has granted approval for the appointment of PR Seshadri as the Managing Director and CEO of the bank.
Effective from October 1, Seshadri’s tenure will span three years. This endorsement from the RBI marks a pivotal milestone for the bank’s operations.
Impressive 75% Rise in Profits
South Indian Bank has reported a notable upsurge in net profits, amounting to Rs 202 crore during the June quarter of the ongoing fiscal year.
This figure reflects a remarkable 75% increase when compared to the corresponding period last year, which saw profits at Rs 115 crore.
The bank’s total income for the April-June 2023 quarter reached Rs 2386 crore, up from Rs 1868 crore in the same period the prior year.
This substantial profit growth can be attributed to a reduction in non-performing loans, marking a positive shift for the bank’s financial standing.
