Shares of Thrissur-based South Indian Bank changed hands in block deal on Friday. Over 12 crore shares of the lender changed hands in the session on Friday. The buyers and sellers in the deal are not known.

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The Reserve Bank of India approved the appointment of P R Seshadri as managing director and chief executive officer of the bank for a period of three years with effect from October 1, 2023 on Thursday.

For the first quarter, the lender reported a 75.5 percent year-on-year gain in its net profit, reaching Rs 202.3 crore. According to a regulatory filing, in the same quarter of the previous year, the bank's net profit stood at Rs 115 crore.

The bank posted a 53.9 percent increase in its net interest income (NII) - the difference between the interest income earned from lending activities and the interest paid to depositors. The NII for the quarter under review amounted to Rs 807.7 crore, compared to Rs 603.4 crore in the corresponding quarter of FY23.

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First Published:Aug 18, 2023 10:08 AM IST