The South Indian Bank Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Other Retail Banking-Retail Banking: 37.8% • Corporate/Wholesale Banking: 29.0% • Treasury: 21.9%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 88.0% CAGR over last 5 years
- Comfortable capital adequacy - CAR of 19.7%
- Asset quality is healthy - gross NPA of just 1.4%
- Strong provisioning - provision coverage ratio of 94.5%
- Healthy loan book growth of 15.8% with stable asset quality
- Operating margins have improved to 24.1% from 20.8%
CONS
- A large part of profit comes from other income (102.7% of PBT)
- Equity base is being diluted - shares outstanding up 25.1%
- Company has delivered a poor sales growth of 6.2% over past five years
- Growth is decelerating - 3Y profit CAGR (23.4%) trails the 5Y trend (88.0%)
- Though reporting repeated profits, the company pays out little dividend (8.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HDFCBANK | 687.25 | 13.41 | 1059339.46 | 2.26 | 203826.90 | 1092.64 | 905753.30 | 936.66 | 12.81 | 35.64 |
| ICICIBANK | 1390.10 | 17.79 | 997793.42 | 0.86 | 16209.74 | 12.62 | 52240.85 | 6.44 | 16.51 | 32.39 |
| KOTAKBANK | 414.40 | 20.31 | 412230.87 | 0.16 | 5487.06 | 23.89 | 18354.57 | 6.41 | 12.05 | 19.05 |
| AXISBANK | 1239.50 | 13.89 | 385909.17 | 0.08 | 7656.51 | 22.31 | 35541.96 | 9.87 | 11.04 | 63.88 |
| IDBI | 81.63 | 9.42 | 87771.86 | 0.00 | 2130.57 | 5.27 | 7549.28 | 7.44 | 14.76 | 76.80 |
| FEDERALBNK | 344.85 | 18.21 | 85260.58 | 0.35 | 1297.61 | 37.06 | 7861.58 | 9.94 | 10.98 | 66.11 |
| AUBANK | 1061.00 | 43.70 | 79680.01 | 0.09 | 795.95 | 37.03 | 5302.74 | 21.11 | 14.17 | 56.24 |
| INDUSINDBK | 1002.00 | 59.04 | 78069.88 | 0.15 | 1037.02 | 71.68 | 11309.94 | -7.78 | 4.97 | 55.07 |
| IDFCFIRSTB | 86.00 | 32.17 | 74146.70 | 0.29 | 1147.82 | 153.12 | 11051.09 | 14.61 | 5.42 | 38.45 |
| YESBANK | 22.43 | 18.65 | 70403.95 | 0.00 | 1071.81 | 32.53 | 8054.49 | 5.92 | 8.04 | 58.47 |
| RBLBANK | 416.80 | 71.90 | 64643.15 | 0.24 | 2342.30 | 993.41 | 38402.40 | 1015.97 | 6.49 | 40.95 |
| SOUTHBANK | 46.42 | 8.05 | 12158.80 | 0.97 | 377.66 | 17.22 | 2627.81 | 11.23 | 14.79 | 65.87 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,025 | 2,129 | 2,184 | 2,275 | 2,314 | 2,355 | 2,371 | 2,373 | 2,362 | 2,407 | 2,518 | 2,559 | 2,628 | |
| Interest Expended | 1,217 | 1,298 | 1,365 | 1,400 | 1,449 | 1,472 | 1,501 | 1,505 | 1,530 | 1,598 | 1,637 | 1,644 | 1,603 |
| Net Interest Income | 808 | 831 | 819 | 875 | 866 | 882 | 869 | 868 | 833 | 809 | 881 | 915 | 1,025 |
| 361 | 356 | 452 | 346 | 422 | 410 | 409 | 572 | 622 | 516 | 486 | 386 | 379 | |
| Total Income | 0 | 0 | 0 | 0 | 2,736 | 2,804 | 2,818 | 2,946 | 2,984 | 2,923 | 3,003 | 2,945 | 3,007 |
| Operating Expenses | 679 | 726 | 788 | 787 | 780 | 742 | 750 | 757 | 782 | 789 | 782 | 720 | 812 |
| Operating Profit | 490 | 460 | 483 | 434 | 508 | 550 | 529 | 683 | 672 | 536 | 584 | 581 | 592 |
| Provisions & Contingencies | 198 | 51 | 49 | 41 | 113 | 110 | 66 | 224 | 239 | 63 | 80 | 34 | 84 |
| Profit before Tax | 292 | 409 | 435 | 393 | 395 | 440 | 463 | 459 | 433 | 472 | 504 | 547 | 507 |
| Tax % | 30.64% | 32.84% | 29.79% | 26.81% | 25.49% | 26.25% | 26.13% | 25.47% | 25.64% | 25.60% | 25.72% | 25.49% | 25.58% |
| Net Profit | 202 | 275 | 305 | 288 | 294 | 325 | 342 | 342 | 322 | 351 | 374 | 408 | 378 |
| EPS | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 0 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,613 | 9,413 | 9,846 | — | |
| Interest Expended | 4,172 | 4,227 | 4,857 | 5,446 | 4,899 | 4,347 | 4,221 | 5,281 | 5,928 | 6,409 | 6,482 |
| Net Interest Income | -4,172 | -4,227 | -4,857 | -5,446 | -4,899 | -4,347 | -4,221 | 3,332 | 3,486 | 3,437 | — |
| 716 | 837 | 726 | 1,046 | 1,229 | 1,034 | 813 | 1,516 | 1,813 | 2,009 | 1,767 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10,128 | 11,227 | 11,856 | 11,878 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,980 | 3,029 | 3,073 | — | |
| Operating Profit | -4,172 | -4,227 | -4,857 | -5,446 | -4,899 | -4,347 | -4,221 | 1,868 | 2,270 | 2,373 | — |
| 13 | 304 | 142 | 318 | 165 | -7 | 427 | 339 | 513 | 417 | — | |
| Profit before Tax | 600 | 500 | 381 | 150 | 87 | -92 | 1,246 | 1,529 | 1,757 | 1,956 | 2,031 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -0.00% | 0.00% | 30.00% | 25.84% | 25.61% | 25.60% |
| Net Profit | 393 | 335 | 248 | 105 | 62 | 45 | 775 | 1,070 | 1,303 | 1,455 | 1,511 |
| EPS | 3 | 2 | 1 | 1 | 0 | 0 | 3 | 4 | 5 | 6 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 6%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 88%
- 3 Years:
- 23%
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 38%
- 3 Years:
- 28%
- 1 Year:
- 60%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 11%
- 3 Years:
- 14%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 180 | 181 | 181 | 181 | 209 | 209 | 209 | 262 | 262 | 262 |
| 4,665 | 5,060 | 5,154 | 5,294 | 5,598 | 5,644 | 6,465 | 8,562 | 9,838 | 11,142 | |
| 66,117 | 72,030 | 80,420 | 83,034 | 82,711 | 89,142 | 91,651 | 1,01,920 | 1,07,526 | 1,23,346 | |
| 1,958 | 4,043 | 4,903 | 6,893 | 4,108 | 3,294 | 6,994 | 3,912 | 4,300 | 3,927 | |
| Other Liabilities & Provisions | 1,388 | 1,370 | 1,619 | 1,628 | 1,521 | 1,761 | 2,378 | 2,754 | 2,721 | 3,067 |
| Total Liabilities | 74,312 | 82,686 | 92,279 | 97,033 | 94,149 | 1,00,052 | 1,07,698 | 12 | 1,24,655 | 1,41,756 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 3,078 | 3,258 | 3,662 | 2,806 | 3,305 | 7,277 | 4,639 | 6,660 | 5,098 | 6,183 | |
| Balances with Banks & Money at Call | 810 | 963 | 1,161 | 1,384 | 5,463 | 3,927 | 2,441 | 3,362 | 7,162 | 3,958 |
| 19,430 | 18,363 | 19,081 | 20,625 | 20,321 | 21,445 | 24,642 | 23,977 | 21,777 | 27,328 | |
| 46,389 | 54,563 | 62,694 | 64,439 | 58,056 | 59,993 | 69,804 | 78,061 | 85,682 | 99,260 | |
| 618 | 642 | 677 | 776 | 755 | 752 | 754 | 966 | 1,018 | 1,043 | |
| 3,949 | 4,858 | 4,973 | 6,978 | 6,209 | 6,600 | 5,294 | 4,386 | 3,917 | 3,985 | |
| Total Assets | 74,312 | 82,686 | 92,279 | 97,033 | 94,149 | 1,00,052 | 1,07,698 | 12 | 1,24,655 | 1,41,756 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,957 | 793 | 1,678 | 656 | 5,808 | 5,165 | -7,261 | 7,075 | -2,353 | 3,907 | |
| Cash from Investing | -1,842 | -824 | -1,175 | -1,577 | -1,092 | -1,741 | -386 | -1,986 | 4,434 | -5,465 |
| Cash from Financing | 498 | 364 | 98 | 289 | -138 | -989 | 3,524 | -2,148 | 157 | -561 |
| 613 | 333 | 602 | -633 | 4,578 | 2,436 | -4,123 | 2,942 | 2,238 | -2,119 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.18 | 1.85 | 1.37 | 0.58 | 0.30 | 0.21 | 3.70 | 4.09 | 4.98 | 5.56 |
| Book Value (₹) | 25.52 | 27.65 | 28.16 | 28.48 | 27.75 | 27.97 | 31.89 | 33.73 | 38.60 | 43.57 |
| Dividend per Share (₹) | 0.40 | 0.40 | 0.25 | 0.00 | 0.00 | 0.00 | 0.30 | 0.30 | 0.40 | 0.45 |
| PROFITABILITY | ||||||||||
| Net Interest Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.97% | 2.91% | 2.51% |
| ROA % | 0.57% | 0.43% | 0.28% | 0.11% | 0.06% | 0.05% | 0.75% | 0.95% | 1.08% | 1.09% |
| ROE % | 9.45% | 6.98% | 4.90% | 2.04% | 1.13% | 0.77% | 12.37% | 13.81% | 13.77% | 13.53% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 61.47% | 57.16% | 56.43% | |
| ASSET QUALITY | ||||||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.65% | 0.00% | 0.00% | 0.00% | 3.15% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.85% | 0.00% | 0.00% | 0.00% | 0.68% |
| Provision Coverage % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 65.02% | 0.00% | 0.00% | 81.07% | 88.82% |
| Slippage Ratio % | — | — | — | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | ||||||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 32.08% | 31.37% | 32.12% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.04% | 0.04% | 0.03% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 19.91% | 19.31% | 19.66% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | 17.78% | -14.68% | -26.09% | -57.75% | -40.81% | -27.34% | 1623.11% | 38.06% | 21.76% | 11.69% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.76% | 14.45% | 12.85% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.67x | 4.63x | 6.15x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.81x | 0.60x | 0.79x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.10% | 1.73% | 1.32% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - The South Indian Bank Limited has informed the Exchange about strikes/lockouts/disturbances
2026-08-31 - The South Indian Bank Limited has informed the Exchange about Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015- Change in Senior Management Personnel of the Bank
2026-08-29 - The South Indian Bank Limited has informed the Exchange about Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-29 - The South Indian Bank Limited has informed the Exchange about Newspaper Advertisement regarding opening of Special Window for Transfer and Dematerialisation of Physical Securities.
2026-08-24 - The South Indian Bank Limited has informed the Exchange regarding Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Allotment of Equity Shares under SIB ESOS Scheme 2008
2026-08-21 - The South Indian Bank Limited has informed the Exchange regarding Cessation of Mr SIVARAMAN K as Senior General Manager of the company w.e.f. September 05, 2026.
2026-08-21 - The South Indian Bank Limited has informed the Exchange about Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015
2026-08-20 - The South Indian Bank Limited has informed the Exchange about Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015
2026-08-20 - The South Indian Bank Limited has informed the Exchange regarding Proceedings of the 98th Annual General Meeting of the Bank pursuant to Regulation 30 and 44 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015
News
Recent coverage and analyst commentary for SOUTHBANK
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