CSB Bank Q1 net rises 15% to Rs 132 cr on growth in loan book, deposits

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Kerala-based private sector lender CSB Bank recorded a 15 per cent rise in net profit during the first quarter of 2023-24 to Rs 132.23 crore, compared to Rs 114.52 crore during the same period in the previous financial year, due to growth in loan book and deposits.

During the quarter under review, the bank’s total income increased by 36% to Rs.805.04 crore from Rs.590.78 crore in Q1 2021 to 2222. The bank’s net interest income also increased by 17% from Rs.310.69 crore in 2021-22 to Rs.364.01 crore during the April-June period of FY23. The bank’s total non-performing assets (NP) decreased As) to 1.27 percent of total advances during the quarter. This compares to 1.79 percent during the same quarter in FY23. Its net NPA fell to 0.32 percent from 0.60 percent a year ago.

“YoY, our net profit increased by 15 per cent supported by net loan book growth of 31 per cent and deposit growth of 21 per cent. Our NII posted strong growth of 17 per cent and non-interest income by a whopping 122 per cent. Despite rising costs due to increased investments in people, distribution, systems etc., operating profit registered 17 per cent growth supported by growth in NII and other revenues. Bra said. Lay Mondal, Managing Director and CEO of CSB Bank, said that key indicators such as NIM ratios, CRAR, RoA, NPA, etc. are still strong.

During the period under review, the bank’s deposit growth was 21% to Rs.24,475.52 crore as against Rs.20,266.77 crore last year. The Bank’s Net Interest Income (NII) for the first quarter was Rs.364.01 crore, an increase of 17% year-on-year, compared to Rs.310.69 crore in the first quarter of FY23. Non-interest income for the first quarter of the financial year was Rs.24,121.55 crore compared to Rs.54.85 crore for the same period last year, an increase of 122%.

Bank advances (net) grew by 31 per cent to Rs.21,103.55 crore as at June 2023, supported by a strong 42 per cent growth in gold loans year on year. Gold loan portfolio crossed the Rs. 10,000 crore mark during the period. The capital adequacy ratio was 25.99 percent.

On the distribution front, as in previous years, we plan to open another 100 branches in this fiscal year as well. Our efforts will be focused on building a future-ready franchise by keeping customer focus at the heart of all our initiatives.”