South Indian Bank Q4 Review - Core Performance Muted: ICICI Securities
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ICICI Securities Report
South Indian Bank Ltd.’s FY21 performance has to be seen in the context of new management redefining business strategies (hired seven business vertical heads from leading private sector banks) and, on most metrics, delivering results too.
Strengthening the liability franchise with an increasingly granular deposit base (current accounts and savings account at 30% and 55% decline in bulk deposits) and continuous reduction in the lumpy corporate book (its share fell to 25% in FY21 from 30% in FY20) speaks for the management’s successful execution of ‘retailisation strategy’ despite Covid-19 led challenges.
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