CSB Bank net profit rises 19% to Rs 156 crore as bad loans decline
Private sector lender CSB Bank on Friday announced a 19 per cent rise in net profit at Rs 156 crore for the March 2022-23 quarter with a decrease in bad loans.
The bank made a net profit of Rs. 131 crore in the same quarter of the previous year.
During the quarter, the bank’s total income rose to Rs 762.81 crore from Rs 583.17 crore a year earlier, CSB Bank said in a regulatory filing.
Interest income grew to Rs.636.49 crore during the period under review from Rs.519.56 crore in the corresponding quarter last year.
Total non-performing assets were reduced to 1.26 percent of total advances as of March 31, 2023, from 1.81 percent at the end of March 2022.
Net NPAs also fell to 0.35 percent of advances from 0.68 percent at the end of 2022.
The Kerala-based bank recorded a net profit of Rs. 547 crore for the year ending March 2023 as against Rs. 458 crore in the previous year, achieving an increase of 19 percent.
He added that the bank is continuing its policy to maintain accelerating provisions during the quarter as well.
Net Interest Income (NII) in FY23 reached Rs.1,334 crore, registering an increase of 16% over the previous year.
The capital adequacy ratio was 27.10 percent, well above the regulatory requirements.
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First published: April 28, 2023 | 3:33 p.m ist