South Indian Bank shares rose after the company announced a Rs 1,000 crore fund-raising plan

South Indian Bank shares were up 3.58% at Rs 2.25 on 1st August after the lender announced Rs 1,000 crore fundraising.

The funds will be raised by the issuing of equity shares or other securities. However, the bank has yet to clarify the way by which the funds would be raised.

South Indian Bank has given 147% returns in the last year.

On July 20, South Indian Bank reported its Q1FY24 results. In the April-June quarter, the lender's net profit jumped 76% YoY to Rs 202 crore.

In Q1FY24, the lender's net Non-Performing Assets (NPA) ratio fell by 102 basis points YoY to 1.85%. 

Between October 2022 and June 2023, the bank's capital adequacy ratio increased by 255 basis points to 16.45%.

When compared to the same quarter last year, South Indian Bank's net interest margin improved 34% to Rs 808 crore in Q1FY24.

In the April-June quarter, advances increased 15% YoY to Rs 74,102 crore. Deposits increased by 8% YoY to Rs 95,499 crore over the same time.

The bank, headquartered in Thrissur, provides banking and financial services to its customers. Banking products primarily consist of loans, savings, investment vehicles, insurance, and more.

Source: Media Reports