CSB Bank Q2 Business Updates: Gross Advances Jump 17.8%
CSB Bank reported a 25.17% advance in deposits at Rs 31,841 crore in the second quarter.
CSB Bank Ltd.'s gross advances saw a 20% jump on a yearly basis to Rs 26,871 crore in the July-September quarter.
The bank reported a 25.17% advance in deposits at Rs 31,841 crore in the second quarter, as compared to Rs 25,439 crore in the same period last year, according to provisional quarterly business updates filed with stock exchanges on Tuesday.
The advances against gold and gold jewellery for the quarter were 27.69% higher at Rs 12,005 crore, in comparison to Rs 9,402 crore in the year ago period.
CASA for the quarter grew 2.98% and stood at Rs 7,670 crore, in comparison to Rs 7,448 crore.
Performance In First Quarter
In the quarter ended June 2024, CSB Bank's gross advances climbed 17.8% on a yearly basis to Rs 25,099 crore. The lender had also reported an 22.2% growth in deposits at Rs 29,920 crore during the period.
The bank's core net interest income during the first quarter had fallen by 1% to Rs 362 crore. The net profit for the first quarter stood at Rs 113 crore, down 14% year on year.
On the asset quality front, the proportion of gross non-performing assets in the June quarter stood at 1.69%, higher as compared to 1.47% in the year-ago period.
The private sector lender had a slightly "soft quarter" in terms of margins and certain financial parameters in the first quarter of the current financial year, but it was a one-off kind of situation, according to the managing director.
"I think our Q2, Q3, and Q4 numbers will be a lot better than the first quarter. Having said that, there's a structural shift that has happened; that's why initially, we were saying 4.5% to 4.8% for margins. Now, we are giving guidance at the lower end of the range. It will be closer to 4.5% going ahead," said Chief Executive Officer Pralay Mondal.
Shares of CSB Bank rose as much as 0.59% during the day to Rs 315.20 apiece on the NSE. However, it pared the gains to close 0.21% higher at Rs 314, compared to a 0.05% decline in the benchmark Nifty 50.
The stock has fallen 11.26% in the last 12 months and by 24.82% year-to-date.
