On 18 August, the shares of South Indian Bank opened in green after the RBI approved the appointment of PR Seshadri as the MD of South Indian Bank for three years, effective from 1 October.

On Friday, over 12 crore shares of South Indian Bank changed hands in a block deal; however, the buyers and sellers within the deal are unknown.

The stock of the Thrissur-based bank has gained 21.31% over the last six months against the 7.8% rise in the Nifty Bank index.

For the April-June quarter of the current fiscal year, the company reported a 75.5% YoY increase in its net profit at Rs 202.3 crore from Rs 115 crore reported in the year-ago quarter.

The bank posted a 53.9% YoY increase in net interest income at Rs 807.7 crore from Rs 603.4 crore recorded in the same quarter of FY23.

The bank’s gross non-performing assets stood at 5.13%, which was 5.14% in the same quarter of FY23.

The total retail deposit for the bank has increased to Rs 92,043 crore from Rs 86,460 crore in Q1FY23, marking a 6% YoY increase.

At 3:30 pm, the shares of South Indian Bank closed at Rs 22.40 or 6.16% above its previous close of Rs 21.10 on NSE.