South Indian Bank rises to seven-week high on hopes of profit growth

South Indian Bank

09/03/2023 06:43

** Shares of South Indian Bank  SIBK.NS  rise as much as
2.7% to 19 rupees, highest in over seven weeks since Jan. 17
    ** Rise comes after ICICI Securities reiterates "buy" rating
and maintains a target price of 25 rupees
    ** Lender's new business model focusing on "6Cs" to yield
positive results, says ICICI Securities; expects its
profitability to continue to improve
    ** Reduced exposure to low-rated corporates, asset
restructuring and realignment of organisational structure bode
well for lender, says ICICI Securities
    ** Net Interest Margin expansion of more than 50bps over
last two years is due to the lender's approach on profitability,
adds the domestic brokerage
    ** More than 16.53 mln shares change hands as of noon IST,
0.8x the 30-day avg of 20.25 mln shares - Refinitiv data
    ** Average rating of six analysts close to equivalent of
'buy;' median PT is 21 rupees - Refinitiv data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))