5 Minutes Read
CSB Bank Q4 Results | Net profit dips 3%, net interest income grows 11%
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
Net NPAs in Q4 were down ₹124.9 crore from ₹702.3 crore in Q3 of FY24. Shares of CSB Bank Ltd ended at ₹386.20, up by ₹18.40, or 4.55%, on the BSE.
Private sector lender CSB Bank Ltd on Friday (April 26) reported a 3.1% year-on-year (YoY) dip in net profit at ₹151.5 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter in FY23, CSB Bank posted a net profit of ₹156.4 crore, the lender said in a regulatory filing.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased by 11%, coming at ₹387 crore against ₹349 crore in Q4 of FY23.
The gross non-performing assets (GNPAs) stood at 1.47% in the fourth quarter against 1.22% in the third quarter of FY24. Net NPAs came at 0.51% against 0.31% quarter-on-quarter (QoQ). In monetary terms, gross NPAs stood at ₹361 crore against ₹278.7 crore in the December quarter (Q3), whereas net NPAs in Q4 were down ₹124.9 crore from ₹702.3 crore in Q3.
Also Read: SBI Life Insurance Q4 results: Net premium income rises 26%, dividend declared
Operating profit FY24 rose 10% year-on-year (YoY) to ₹780 crore from ₹707 crore in FY23. In Q4 of FY24 operating profit grew 13% at ₹228 crore against ₹202 crore in the year-ago period.
Non-interest income for FY24 saw a growth of 85% over FY23 mainly due to increased fee income, forex income,and treasury profits. For the fourth quarter, non-interest income grew 56% YoY.
The cost-income ratio (CIR) for Q4 of FY24 stood at 60.86% against 57.45% for Q4 of FY23 and the corresponding ratio for FY 2024 was at 62.15% versus 57.12% for FY23. The increase in CIR is mainly due to the massive investment made by the bank in building the new systems, processes, distribution, IT upgradations etc, to scale up its activities eventually as a part of SBS 2030.
The capital adequacy ratio is at a healthy level of 24.47% and is well above the regulatory requirement. The liquidity coverage ratio is at a comfortable 117% (average basis). Total deposits grew by 21% year-on-year. The CASA book is at ₹8,085 crore with a share of 27.20%. Net advances grew by 18% year-on-year to ₹24,336 crore as of March 31, 2024, with a CD ratio of 82%.
Also Read: Bank of Maharashtra Q4 Results: PAT jumps 45% to ₹1,218 crore; dividend declared
Pralay Mondal, Managing Director and CEO, said, “We could register a net profit of ₹567 crore; backed by a 20% growth in business; 18% net loan book growth and 21% deposit growth. We continued to grow faster than the average industry growth trends in both deposits and advances. Key indicators like NIM, CRAR, RoA, NPA ratios etc. continue to be strong. We continued our efforts in building the distribution by opening another 76 branches.”
The results came after the close of the market hours. Shares of CSB Bank Ltd ended at ₹386.20, up by ₹18.40, or 4.55%, on the BSE.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
