Bank Stock Under Rs 40 Set To Go Ex-Dividend Soon, Shares Rise 235% In 2-Yrs; Buy?

South Indian Bank Ltd shares are all set to trade ex-dividend on August 20, 2024. Earlier, South Indian Bank Ltd in May 2024 recommended a dividend of Re 0.30 per share for FY 2024. The bank on July 30, 2024 fixed August 20, 2024 as the record date for dividend. Current market price of South Indian Bank shares on BSE is Rs 24.15 per share with decline of 1.59% in trade today. South Indian Bank shares offered attractive returns of 235% in last 2-years. The bank's market capitalisation stood at Rs 6315.42 crore. Check details below:

South Indian Bank Ltd Sets Record Date For Dividend: As per the regulatory filing of South Indian Bank Ltd issued as on July 30, 2024, "Pursuant to the provisions of Regulation 42 of the SEBI Listing Regulations, Tuesday, 20th August, 2024 has been fixed as the 'Record Date', for the purpose of determining the Members eligible to receive dividend on the equity shares, if declared, for the financial year ended March 31, 2024."

South Indian Bank Shares Performance: The 52-week high price of South Indian Bank share on BSE is Rs 36.91 per share (as on 02/02/2024) and 52-week low price is Rs 19.12 per share (as on 16/08/2023), respectively. South Indian Bank Ltd share slipped over 9% in last 2-weeks, declined 13% in last 3-months, surged 24% in last 1-year, gained 161% in last 3-years, and offered return of 126% in last 5-years.

Should You Buy South Indian Bank Shares? ICICI Securities, in its July 20 report, assigned buy call to South Indian Bank (SIB) shares with target price of Rs 34. The analyst said the bank announced a mixed set of numbers with softer business growth and higher credit costs broadly offset by robust other income and contained apex.
South Indian Bank Dividend History: South Indian Bank announced 20 dividends since June 22, 2001. In last 12 months, South Indian Bank announced an equity dividend amounting to Re 0.30 per share. At the current share price of Rs 27.41, South Indian Bank offers a dividend yield of 1.09%.

SIB Financial: The bank on July 18 declared a surge of 45.3% year-on-year (YoY) in its net profit for the quarter ended June 30, 2024 to Rs 294.1 crore as against the net profit of Rs 202.4 crore declared in the corresponding quarter of last year. South Indian Bank's gross non-performing assets (NPAs) stayed flat at 4.50% for the quarter ended June 30, 2024. Net NPA declared at 1.44% as compared to 1.46% quarter-on-quarter (QoQ). Net interest income (NII) surged 7.2% to Rs 865.8 crore as compared to Rs 807.7 crore in the year-ago period.

About: One of the earliest banks in South India, "South Indian Bank" came into being during the Swadeshi movement. The bank was the FIRST among the private sector banks in Kerala to become a scheduled bank in 1946 under the RBI Act. It also emerged as the FIRST bank in the private sector in India to open a Currency Chest on behalf of the RBI in April 1992. The South Indian Bank has branches all across India and a clientele across the world. It is considered as one of the most pro-active banks in India with a competent tech savvy team of professional at the core of services, according to its official website.

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