Anand Rathi's research report on South Indian Bank
Muted NII and lower Treasury income led to the decline in South Indian Bank’s Q4 operating profit. Lower provisions aided profitability, with a 0.98% RoA (down 7bps q/q). Asset quality improved across segments. With stress from the legacy book recognised, the focus now shifts to profitability. We expect the bank to deliver a sustainable, 1%, RoA from now.
Outlook
We retain our Buy rating, with a 12-mth TP of Rs39, 0.9x P/ABV on the FY26e book.
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