CSB sees over sevenfold jump in net profit in FY 2011

Thrissur-based Catholic Syrian Bank (CSB) has registered a seven-fold growth in net profit during the financial year 2010-11 to Rs 12.18 crore against Rs 1.65 crore in the previous fiscal. Its deposits grew 25 per cent as against the industry average of 15 per cent, according to a bank release. 

The bank's advances grew 39 per cent while its total business crossed Rs 15,000 crore as on March, 31, 2011.

The bank said it could effectively deploy the surplus funds that were earlier parked in government securities. This resulted in more than doubling of the net interest income from Rs 122.80 crore to Rs 248.16 crore during 2010 -11. Its net worth as of March 31, 2011, stood at Rs 470.14 crore, up from 308.83 crore in 2010.

The capital to risk-weighted assets ratio (CRAR) has improved from 10.82 per cent to 11.22 per cent during the year. The gross NPA and net NPA were at 3.05 per cent and 1.74 per cent respectively.