Shares of South Indian Bank Ltd climbed 18 per cent in Monday's trade to hit record high levels, thanks to a higher-than-expected profit in the September quarter on a sharp moderation in credit costs. The bank has sustained 1 per cent return on asset (RoA) led by benign credit costs but the net interest margin (NIM) dip was steep, ICICI Securities said as it highlighted a pick up in the MSME segment growth. Advertisement

The brokerage suggested a 'Buy' on South Indian Bank with a target of Rs 42 per share. On Monday, the scrip was trading 17.57 per cent higher at Rs 38.40 apiece on BSE. This was the highest ever level hit by the lender.

South Indian Bank sustained 1 per cent RoA for the ninth consecutive quarter. Overall growth was reasonable, though MSME, key focus segment, – saw grow

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