South Indian Bank Q4 net profit dips 14% to Rs 288 crore
Despite a yearly surge, South Indian Bank experiences a drop in profit during the March quarter. Consequently, its stock price plummets by 6%.
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South Indian Bank’s Profit Plummeted
On Thursday, Bank announced a 13.88% decrease in its net profit for the March quarter, amounting to Rs 287.56 crore.
This represents a decline from the Rs 333.89 crore net profit it recorded in the January-March period of the previous fiscal year 2022-23. In the March quarter, South Indian Bank disclosed in a regulatory filing that its total expenditure surged to Rs 2,187 crore, up from Rs 1,757 crore in the corresponding period of the previous year.
Concurrently, the bank’s total income increased to Rs 2,621 crore in the fourth quarter of 2023-24, compared to Rs 2,318 crore in the same period last year.
South Indian Bank Dividend Impact
In the fiscal year 2023-24, Bank witnessed a notable 38% increase in its net profit, reaching Rs 1,070 crore compared to Rs 775 crore in the preceding fiscal year 2022-23.
Additionally, the bank’s board has proposed a dividend of Rs. 0.30 per equity share with a face value of Re 1 each, amounting to 30% for the financial year ending March 31, 2024.
According to PTI, South Indian Bank shares were being traded at Rs 28.92 on the BSE, marking a decrease of 6.01% compared to the previous close.
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