The South Indian Bank Ltd - Stock Valuation and Financial Performance

BSE: 532218 | NSE: SOUTHBANK | Bank - Private | Small Cap

South Indian Bank Share Price

27.99 0.10 0.36%
as on 18-May'24 12:50

DeciZen - make an informed investing decision on South Indian Bank

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Semi Strong

The South Indian Bank stock performance -

mw4me loader
P/E Ratio (SA):
Market Cap:
7,296.2 Cr.
52-wk low:
52-wk high:

Is The South Indian Bank Ltd an attractive stock to invest in?

1. Is The South Indian Bank Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that The South Indian Bank Ltd is a below average quality company.

2. Is The South Indian Bank Ltd undervalued or overvalued?

The key valuation ratios of The South Indian Bank Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is The South Indian Bank Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of The South Indian Bank Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of South Indian Bank:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
The South Indian Bank Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Net Interest Income (₹ Cr.)1,3991,3661,5101,6751,9662,0202,3182,4072,2403,0123,332
YoY Gr. Rt. %--2.3%10.5%11%17.3%2.8%14.7%3.9%-6.9%34.5%-
Total Income5,3845,7836,0756,5637,0307,6038,8108,5357,6218,04610,128
YoY Gr. Rt. %-7.4%5%8%7.1%8.2%15.9%-3.1%-10.7%5.6%-
Adj EPS (₹ )
YoY Gr. Rt. %--39.8%8.5%-2.4%-15%-25.9%-57.9%-49.1%-25.9%1600%-
BVPS (₹ )2021.322.823.525.425.926.225.525.729.332.4
YoY Gr. Rt. %-6.1%7.4%2.7%8.3%1.9%1.1%-2.6%0.8%14%-
To view Net Profit/Total Funds (%) Colour Rating Guide click here
Net Profit/Total Funds (%)
To view Net NPA to Net Advances (%) Colour Rating Guide click here
Net NPA to Net Advances (%)0.812.
To view Capital Adequacy Ratio (%) Colour Rating Guide click here
Capital Adequacy Ratio (%)-----------


CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Net Interest Income8.9%8.9%9.1%34.5%
Total Income4.6%2.7%-3%5.6%
Adj EPS0.9%14.9%85.8%1600%
Share Price 3.2% 18% 41.7% 79.2%

Key Financial Ratios

RATIOS \ YEARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Interest Earned / Total Income93.1691.4191.4889.188.0990.4588.1385.686.4389.985
Margins To view Margins Colour Rating Guide click here
NIM (%)
Performance Ratios To view Performance Ratios Colour Rating Guide click here
Return on Equity (%)
Liquidity Ratio To view Liquidity Ratio Colour Rating Guide click here
CASA (%)20.720.622.423.823.824.22529.733.233-

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 13.30%

Net Profit has increased 85.81 CAGR in last 3 years

Net NPA to Net Advances has declined versus last 3 years average

Total income growth is not so good in last 4 quarters

Total Income has declined 19.39 CAGR in last 3 years

Latest Financials - The South Indian Bank Ltd.

Standalone Consolidated
TTM EPS (₹) 4.1 4.1
TTM Sales (₹ Cr.) 8,613 8,613
BVPS (₹.) 32.4 32.4
Reserves (₹ Cr.) 8,215 8,215
P/BV 0.86 0.86
PE 6.82 6.82
From the Market
52 Week Low / High (₹) 15.17 / 36.90
All Time Low / High (₹) 0.79 / 36.90
Market Cap (₹ Cr.) 7,296
Equity (₹ Cr.) 261.6
Face Value (₹) 1
Industry PE 17.5

Management X-Ray of South Indian Bank:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of South Indian Bank

Adj EPS (Rs.)

Total Income (Cr.)

ROE (%)

BVPS (Rs.)

Profit And Loss

(All Figures are in Crores.)
Income 5,3845,7836,0756,5637,0307,6038,8108,5357,6218,046
Interest Income 5,0155,2865,5575,8476,1936,8777,7647,3056,5877,233
Other Income 3684975177168377261,0461,2291,034813
Expenditure 4,8765,4765,7416,1706,6957,3558,7058,4737,5767,271
Interest Expense 3,6163,9204,0484,1724,2274,8575,4464,8994,3474,221
Operating Expenses 8839811,1481,1761,3221,5071,7181,9742,0262,317
Profit Before Tax72946851060050038115087-921,246
Taxes 2211611762081651334525-137471
Profit After Tax 5073073333933352481056245775
Adjusted EPS (₹)3.141.892.052.001.701.260.530.270.203.40
Dividend Payout Ratio (%)21%26%20%18%22%18%0%0%0%8%

Balance Sheet

(All Figures are in Crores.)

Equity and Liabilities

Share Capital 134135135180181181181209209209
Total Reserves 3,2343,4543,7074,6655,0605,1545,2945,5985,6446,465
Minority Interest0000000000
Borrowings 2,7312,2322,6151,9584,0434,9036,8934,1083,2946,994
Other Liabilities 1,3961,3821,2971,3911,3721,6211,6311,5231,7632,378
Total Liabilities 54,98659,11663,47574,31282,68692,27997,03394,1491,00,0521,07,698


Balance with RBI 2,2012,4422,4763,0783,2583,6622,8063,3057,2774,639
Balance with Banks1,0171,1547988109631,1611,3845,4633,9272,441
Investments 14,35214,08614,74419,43018,36319,08120,62520,32121,44524,642
Advances 36,23037,39241,08646,38954,56362,69464,43958,05659,99369,804
Net Block 404469467618642677776755752754
Other Assets7743,5643,8843,9494,8584,9736,9786,2096,6005,294
Total Assets 54,98659,11663,47574,31282,68692,27997,03394,1491,00,0521,07,698

Cash Flow

(All Figures are in Crores.)
Cash Flow From Operating Activity 9266871091,9577931,6786565,8085,165-7,261
Cash Flow From Investing Activity -1,850-173-1,398-1,842-824-1,175-1,577-1,092-1,741-386
Cash Flow From Financing Activity -194-13716849836498289-138-9893,524
Net Cash Flow -1,118377-1,121613333602-6334,5782,436-4,123

Operational & Financial Ratios

EPS (₹)4222211004
DPS (₹)1110000000
BVPS (₹)24262726282828282832

Margin Ratios

Yield on Advances (%)13.814.113.512.611.411.012.112.611.010.4
Yield on Investments (%)
Cost of Liabilities (%)
NIM (%)
Interest Spread (%)

Performance Ratios

ROA (%)
ROE (%)
ROCE (%)

Efficiency Ratios

Cost to Income Ratio (%)50.052.756.649.247.254.951.154.361.960.6
Operating Costs to Assets (%)

Valuation Parameters


The South Indian Bank Ltd Stock News

The South Indian Bank Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of South Indian Bank on 18-May-2024 12:50 is ₹27.99.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-May-2024 12:50 the market cap of South Indian Bank stood at ₹7,296.2.
The latest P/E ratio of South Indian Bank as of 18-May-2024 12:50 is 6.82.
The latest P/B ratio of South Indian Bank as of 18-May-2024 12:50 is 0.86.
The 52-week high of South Indian Bank is ₹36.90 and the 52-week low is ₹15.17.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of South Indian Bank is ₹8,613 ( Cr.) .

About The South Indian Bank Ltd

The South Indian Bank Ltd. is one of the earliest banks in South India. The establishment of the bank was the fulfillment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala), in the erstwhile State of Cochin to provide for the people a safe, efficient and service oriented repository of savings of the community on one hand and to free the business community from the clutches of greedy money lenders on the other by providing need based credit at reasonable rates of interest. Translating the vision of the founding fathers as its corporate mission, the bank has during its long sojourn been able to project itself as a vibrant, fast growing, service oriented and trend setting financial intermediary.

Business area of the Bank 

South Indian Bank is a publicly held banking company engaged in providing a wide range of banking and financial services including retail banking, corporate banking and treasury operations.

Products and services

  • Personal Banking: Under this bank offers wide range of personal banking products and services such as deposit, saving, loans, internet banking, mobile banking, demat services, credit card, debit card, etc.
  • The bank offers mutual funds products of various funds houses such as ICICI Prudential AMC, Franklin Templeton, TATA Mutual Fund, Sundaram BNP Paribas, UTI Mutual Funds, Reliance Mutual Funds, HSBC Investments, HDFC Mutual Fund, Fidelity Fund Management, Principal Mutual Funds, Fortis Investments, Birla Sun Life Asset Management Company and DSP BlackRock Mutual Funds.
  • NRI banking: SIB also caters its banking products and services to NRI customers such as deposit, car loans, remittances, investment schemes, insurance are amongst others.
  • Corporate banking: It provides wide range of products and services to corporates. SIB offers working capital finance, project finance, structured finance etc.

Awards & Accolades


  • SIB bags The IBA Banking Technology Awards 2012-13
  • Sunday Standard Best Bankers -2013 Awards
  • SIB bags The IBA Banking Technology Awards.


  • South Indian Bank wins 'Best IT Team Award'-Banking Technology Excellence Award.


  • South Indian Bank gets RBI nod to open representative office in Dubai.


  • Received  the    ‘Best  Bank  Award  for  Digital  Banking  among  Small  Banks’  and  ‘Best  Bank  Award  for  High  Performance  IT  Ecosystem  among  Small  Banks’  in  the  thirteenth  edition  of  the  IDRBT  Banking  Technology  Excellence Awards 2016-17.
  • Won five technology awards during the Indian Banking Association (IBA) Technology Awards 2018.
  • Won  the  Celent  Model  Bank  2018  Award  for  Trade  Finance and Supply Chain .


  • Corporate Social Responsibility (CSR) Award instituted by Kerala Management Association (KMA) for Banks & NBFCs under Education Sector.
  • Best Performing Primary Lending Institution of HUDCO under Credit Linked Subsidy Scheme from HUDCO.
  • National Payments Excellence Award for RuPay instituted by NPCI.
  • Best MSME Bank-Runner Up award instituted by Chamber of Indian Micro, Small & Medium Enterprises.
  • Banking  Technology  2019  awards  instituted  by  IBA  -  The  Bank emerged winner in the ‘Most Customer Centric Bank Using  Technology’  category  and  runner  up  in  the  ‘Best  Payments Initiative’ category amongst small Banks’.


  • Best MSME Bank (Private Sector) Award by ASSOCHAM in connection with 7th MSME National Excellence Awards-2019.
  • Corporate Social Responsibility (CSR) Excellence Award, 2019 instituted by Rotary District 3201 for carrying out CSR project in the area of Education for Underprivileged.
  • IBA Awards in 6 categories -Best Technology Bank of the Year (Winner - Small Banks). Best Use of Data & Analytics for Business Outcome (Winner - Small Banks). Best IT Risk Management & Cyber Security Initiatives (Joint Winner - Small Banks). Best Payment Initiative (Joint Runner Up - Private Sector Banks). Most Customer Centric Bank using Technology (Small Banks). Best CIO - Runner Up.


  • 1908: Incorporation of the bank
  • 1946: The FIRST among the private sector banks in Kerala to become a scheduled bank in 1946 under the RBI Act.
  • 1992: The FIRST bank in the private sector in India to open a Currency Chest on behalf of the RBI in April 1992.
  • 1992: The FIRST bank in Kerala to develop an in-house, a fully integrated branch automation software in addition to the in-house partial automation solution operational since 1992.
  • 1992: The FIRST private sector bank to open a NRI branch in November 1992.
  • 1993: The FIRST bank in the private sector to start an Industrial Finance Branch in March 1993.
  • 1993: The FIRST among the private sector banks in Kerala to open an ‘Overseas Branch’ to cater exclusively to the export and import business in June 1993.
  • 2014-15: ISO 27001 implementation for DC/DR and IT operations.
  • 2014-15: Integrated CRM solution to help business users for better understanding of its customers.
  • 2015-16: Issuance of MasterCard Titanium and issuance of Master Card World.
  • 2015-16: Enabling e-commerce transactions in Rupay cards.
  • 2016-17: Bank started issuing pre-paid instruments after taking approval from Reserve Bank of India.
  • 2016-17: Bank received approval from RBI to open a representative office at Dubai in UAE.
  • 2016-17: Bank received license from Reserve Bank of India for participating in Bharath Bill Payment System (BBPS) set up by NPCI.
  • 2017-18: The Bank has started operations of Representative office at Dubai in UAE from 25.04.2018.
  • 2017-18: The Bank has started instant account opening by biometric verification at branches.
  • 2017-18: The Bank has started issuing ‘FASTAG’ to vehicles enabling Toll payments digitally without waiting at Toll Booths.
  • 2017-18: The Bank has started ‘Bharat QR’ to enable merchants to accept payments digitally.
  • 2018-19: Tied up with Bharti AXA as the third general Insurance partner which in turn will provide a better spread of products to customers as well as aid in significantly improving the other income.
  • 2018-19: Introduced Merchant in a Box - Master card business debit card and Bharat QR is provided in a bundled offer to pre identified merchants free of cost.
  • 2018-19: Launched Secured Credit Card - Secured Credit Card is a new product under the digital products catalogue, by which a Credit Card can be issued to Bank's retail customers who maintain a fixed deposit with the Bank. Unlike an unsecured Credit card issued based on the credibility of the applicant, Secured credit card is issued based on the Fixed deposit of the applicant, Lien-marked for the card.
  • 2018-19: Introduced a new Savings Bank Account ‘SIB – RUBY’ with Best in Class Features and Higher Interest rate.
  • 2019-20: Tied-up with Mirae Asset Mutual Fund and Motilal Oswal Mutual Funds, thereby giving more options for the customers to invest.
  • 2019-20: Launched new GPRS POS Terminals (e-charge slip based Paytivo 6210).
  • 2019-20: Introduced digitalized Term Deposit Advices in lieu of Term Deposit Receipts as part of extending digital services with the ‘Go Green’ concept in mind.
  • 2019-20: Launched a new Retail Term Deposit product called “FD VANTAGE”. FD Vantage is a Term Deposit product in three variants like FD Vantage - Alpha, Beta & Gama clubbed with free insurance coverage.
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