Multibagger penny stock under Rs 25: This small-cap bank reports 75 per cent increase in net profit!

Shares of the company gained more than 12 per cent in the last six months

South Indian Bank has reported results for the first quarter ended June 30, 2023 (Q1FY24). On a consolidated basis, the bank has reported a 75.42 per cent rise in its net profit at Rs 202.58 crore for the quarter ended June 30, 2023 as compared to Rs 115.48 crore for the same quarter in the previous year. The total income of the bank increased by 27.73 per cent at Rs 2,386.06 crore for Q1FY24 as compared Rs 1868.07 crore for the corresponding quarter previous year.

South Indian Bank (SIB) provides retail and corporate banking, para-banking activities such as debit cards, and third-party financial product distribution, in addition to Treasury and Foreign Exchange Business. SIB was set up in 1929 and is a private-sector bank. SIB operates as a mid-sized bank largely in and around Kerala.

Shares of South Indian Bank Limited have given multibagger returns during the last one year. The shares of the company jumped from Rs 7.95 on July 22, 2022, to Rs 20.70 on July 21, 2023, an increase of about 170 per cent in one year holding period.

Today, the stock opened at Rs 21.04, with a high and low of Rs 21.22 and Rs 20.29. The stock closed trading at Rs 20.69, down by 5.00 per cent.      

The stock has a 52-week high of Rs 23.69 and a 52-week low of Rs 7.79. The company has a market capitalisation of Rs 4,329.88 crore.    

Disclaimer: The article is for informational purposes only and not investment advice.