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ICICI Securities research report on South Indian Bank
Despite muted loan growth, South Indian Bank (SIB) reported a strong Q2FY24 with PAT at INR 2.75bn (97bps RoA), driven by benign credit costs while asset quality improved. In the last three years, SIB has come a long way and we believe the ongoing transformation journey should re-accelerate under Mr Seshadri. Notwithstanding some pressure on near-term NIMs, we see stable FY25 YoY NIMs aided by favourable mix and low LDR. We revise our earnings estimates…
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