South Indian Bank Ltd. (SIB), established in 1928, is one of the oldest bank in India which came into the existence during the swadeshi movements and was the first among the private sector banks in Kerala to become a scheduled bank in 1946 under the RBI Act. With a branch network of 850, 50 extensive counters and 1,320 ATMs, SIB has enhanced its presence across India. The business of SBI is growing at a good pace attaining a balance sheet size of Rs743 bn in FY17 with a five year CAGR of 10.5% in total assets, 10.3% in business size. We initiate coverage on SIB with a BUY' rating at a...