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CSB Bank Surges 14% After Reporting Highest Ever Quarterly Profit

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On Wednesday, shares of CSB Bank soared 14.2 percent to Rs 227.80 on BSE after it announced its results for the June ended quarter. The bank reported its profit after tax at a historical high level of Rs 53.6 crore with RoA (annualized) crossing 1 percent. Its net interest income (NII) rose 40 percent to Rs 185.3 crore from Rs 132.5 crore a year ago.

CSB Bank Surges 14% After Reporting Highest Ever Quarterly Profit
 

CSB Bank made COVID-19 provision at Rs 42.6 crore. Its operating profit for the April-June period was Rs 129.1 crore, a 221.85 percent increase from Rs 40.1 crore in June 2019 on improved NII and treasury profits.

Its non-interest income for the first quarter of 2020-21 was Rs 74.3 crore from Rs 30.2 crore in the same period a year ago, a 146 percent increase on the back of improved treasury gains.

The bank said that there was a notable improvement in the Cost Income Ratio which stood at 50.26 percent, which is lower than 75.34 percent in June 2019 and 56.17 percent in March ended quarter.

Gross NPA (non-performing assets) for the June ended quarter decreased to Rs 401 crore from Rs 409 crore in March. Gross NPAs as a percentage of advances was at 3.51 percent as on 30 June 2020, when compared to 4.71 percent a year ago and 3.54 percent at the end of March 2020.

Net NPAs fell from 217 crore at the end of March to Rs 195 crore in June, a 10 percent decrease.

Net NPAs as a percentage of advances decreased from 2.04 percent in June 2019 and 1.91 percent in March 2020 to 1.74 percent in June 2020.

"The results of the first quarter of FY 21 underlines the fact that the bank is now well entrenched in earnings growth path despite testing times, said C VR Rajendran, Managing Director & CEO of CSB Bank.

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