Kotak Mahindra International offloaded its 2.1 percent stake in South Indian Bank to Lavender Investments in an open market transaction. The shares were purchased by Lavender Investment Limited for Rs. 60 crore.
South Indian Bank in its investor presentation has stated that the bank will work for enhancement of its retail and MSME business through its centralised marketing and processing centres. The bank intends to increase the volume of fresh loan disbursements across various loan types such as business loan, home loan and personal loan.
South Indian Bank has reported an increase in its net profit by 9.5 percent to Rs. 111 crore for October to December quarter as compared to Rs. 101 crore in the corresponding period a year ago. The increase in profitability has been contributed by growth in various loan segments including business loan, loan against property, agriculture loan as well as growth in current and saving accounts.
South Indian Bank has reduced its overnight and one month marginal cost of lending rate by 30 basis points to 9 percent and 9.05 percent respectively. The bank has reduced its six month lending rate by 5 basis points to 9.45 percent from 9.50 percent earlier. Revised rates are effective from 1st December, 2016.
South Indian Bank has reported 46 per cent rise in its net profit at Rs 95.06 crore for first quarter ended June 30, 2016. Total income of the bank has increased by 9.47% at Rs 1620.67 crore. Growth was driven by increased lending to the agriculture, small and medium enterprise (SME), housing and auto sectors, which registered substantial growth year on year. Agriculture and SME advances rose 22 per cent, while home and auto loan portfolios increased by 19 per cent and 28 per cent, respectively.
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