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L&T Partners with PS Technology to Revolutionise Railways
6 mins read. August 2, 2024 at 12:45 PM
Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr
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South Indian Bank's credit rating upgraded to CARE A+; Stable outlook
CARE Ratings Limited has upgraded the credit rating of South Indian Bank's Basel III Tier 2 debt instruments, amounting to ₹1,290.00 Crores, from CARE A (Stable) to CARE A+ (Stable). This positive revision in the ratings is attributed to several key factors.
The upgrade reflects South Indian Bank's improved profitability during FY23, with the bank reporting a profit of ₹775 crores compared to ₹45 crores in FY22. Notably, the return on total assets (ROTA) saw a significant improvement, increasing from 0.05% in FY22 to 0.75% in FY23.
Furthermore, the bank's focus on higher-rated corporates and the gold loan segment has led to a reduction in risk-weighted assets, thereby strengthening its capitalization levels. As of March 31, 2023, the capital adequacy ratio (CAR) stood at 17.25%, up from 15.86% in the previous year, and CAR remained robust at 16.49% as of June 30, 2023.
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