Buy CSB Bank, target price Rs 330: ICICI Direct

ICICI Direct has buy call on CSB Bank with a target price of Rs 330. The current market price of CSB Bank is Rs 287.1.

CSB Bank, incorporated in the year 1920, is a banking company (having a market cap of Rs 4985.98 Crore).

CSB Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2022.


Financials
The Bank has reported Standalone Non Performing Assets (Gross NPAs) at .00 % of total assets and Standalone Net Non Performing Assets (Net NPAs) at .00% of total assets for the quarter ending #LatestQuarterDate.

For the quarter ended 31-03-2023, the company has reported a Standalone Total Income of Rs 762.81 Crore, up 11.86 % from last quarter Total Income of Rs 681.95 Crore and up 30.80 % from last year same quarter Total Income of Rs 583.17 Crore. The bank has reported net profit after tax of Rs 156.34 Crore in latest quarter.

Investment Rationale
CSB Bank has gold and SME as its key loan segments. Change in business strategy has led to an improved performance in the past few years.

Promoter/FII Holdings
Promoters held 49.72 per cent stake in the company as of 31-Mar-2023, while FIIs owned 5.73 per cent, DIIs 11.61 per cent.