South indian Bank Buy @ current Price of 10.33 Targer Rs. 20+++ within 1 year

About us
SIB is a major private sector bank headquartered in Thrissur, Kerala India. As on 30 September 2019, it had 870 branches, four service branches, 52 extension counters and 20 regional offices spread across more than 27 states and three union territories in India.

Performance of the Bank Despite the challenges and stress faced by the banking industry during the year under review, your Bank had achieved a net profit of Rs 247.53 crore for FY 2018-19. The net profit for the previous financial year was Rs. 334.89 crore. The Key financial highlights for FY 2018-19 can be summed up as under: 

The Bank has achieved a total Business of Rs.1,44,056.04 crore, consisting of deposits of Rs.80,420.12 crore and gross advances of Rs.63,635.92 crore as on March 31, 2019. With focus given on low-cost deposit sources, CASA has grown from Rs.17,141.74 crore as on March 31, 2018 to Rs.19,467.15 crore as on March 31, 2019, recording a growth rate of 13.57%.  During the year 2018-19, the gross advances of the Bank registered a growth of 15.47%, to touch Rs.63,635.92 crore. 

The capital plus reserves of the Bank has moved up from Rs.5,241.22 crore to Rs.5,335.33 crore. During the year 2018-19, Bank could recover NPAs to the extent of Rs.506.10 crore (recovery including up-gradation of Rs.265.16 crore), as against the target of Rs.500.00 crore. 

The book value per share has been increased from Rs.28.98 to Rs.29.48 as on March 31,2019. 

The bank has been successful in widening its network across India with 870 Branches; 53 Extension counters; 1322 ATMs; and 84 CRMs/CDMs.  There has been a growth of 131% in Mobile Banking activation, 35% growth in Internet Banking Corporate activation and 25% growth in Internet Banking Retail activation. During the year Bank was honoured with significant Institutional recognitions, awards and accolades for various initiatives undertaken.

The Bank has implemented an advanced LOS software as one of the major projects, to equip its Central Processing centres to handle large volumes of proposals, to bring more transparency and control and to reduce the turnaround time (TAT) in processing the loan applications. The Bank accords utmost importance to enhancement of skills of staff members. Training Programmes are conducted at SIB Staff Training College (SIBSTC), Thrissur and at seven Regional Training Centres (RTCs) for development of professional skills. Training programmes are designed to develop competency of operating personnel while imbibing the SIBIAN‟s spirit and culture through an effective learning process. The success of these programmes reflects on the enhanced organizational productivity. SIBSTC and the RTCs identify skill gaps in the personnel and provide support for qualitative improvement. Staff members are also nominated to external training centers for being trained in specialized areas as well as to have higher exposure. During the financial year 2018-19, the Bank has imparted training to 4,014 officers, 1,802 clerks and 54 sub staff in various aspects of banking operations. A total of 5,870 staff members were trained during the FY 2018-19, which is about 70% of total staff strength of 8440 as on March 31, 2019. 

This is in consonance with the Bank‟s priority of continuous up-gradation of skills to ensure that the staff members meet the rising expectations of customers and discharge services professionally covering the entire gamut of banking operations.