CSB Bank's Q1 net profit increases 14% at Rs 61 cr, provisions rise

Private lender CSB Bank reported a nearly 14 per cent growth in its net profit to Rs 61 crore in April-June quarter of this fiscal compared to Rs 53.56 crore in same quarter of previous financial year

Private lender CSB Bank on Thursday reported a nearly 14 per cent growth in its net profit to Rs 61 crore in the April-June quarter of this fiscal compared to Rs 53.56 crore in the same quarter of the previous financial year.

Total income during the first quarter of FY2021-22 rose to Rs 571.53 crore from Rs 496.88 crore in the year-ago quarter, the south India-based lender said in a regulatory filing. The bank had reported a total income of Rs 609.45 crore in the January-March quarter of FY21.

Provisions for bad loans and contingencies rose to Rs 98.26 crore in the April-June quarter from Rs 57.53 crore in the year-ago quarter.

Its gross non-performing assets (NPAs) rose to 4.88 per cent of the gross advances as of June 30, 2021, from 3.51 per cent by the end of June 2020. Net NPAs soared to 3.21 per cent from 1.74 per cent.

In absolute value, the gross NPAs of the bank stood at Rs 686.39 crore, higher than Rs 401.03 crore. Net NPAs were worth Rs 443.75 crore, up from 195.24 crore.

CSB Bank shares closed down by 3.15 per cent at Rs 324.50 on BSE.