CSB Bank Q1 Results: Net profit jumps 87% to Rs 114.5 crore on lower provisions

Mumbai: Canadian billionaire Prem Watsa-backed CSB Bank on Tuesday reported healthy first-quarter profits on the back of falling provisions, easing of bad loans, and strong credit growth.

The Thrissur-based private bank reported a net profit of Rs 114.52 crore for the quarter ended June, up 87% from 61 crore a year earlier. The net profit stood at Rs 130.67 crore for the quarter ended March 2022.

“We have done pretty well in terms of year-on-year profits, key efficiency ratios, and productivity parameters…so I believe we are well on our way to building a larger multi-geographical franchise,” said Pralay Mondal, interim managing director of CSB Bank. “Our CASA (current account-saving account) ratio is healthy. We are more than doubling our customer acquisition. We are enhancing our gold loan capabilities which has reached 42% of our portfolio.”


Net interest income, or the core income of the bank, rose more than 16% to Rs 310.69 crore in the June quarter from Rs 267.75 crore in the same period last year. Non-interest income was down 23% to Rs 54.85 crore on year due to the adverse yield movements. The bank’s operating profit was down 11.46% at Rs 154.72 crore.