CSB Bank deposits grow 14%, advances up 24% in Q1

CSB Bank said that its total deposits increased 14.17% to Rs 18,652.80 crore as on 30 June 2021 from Rs 16,337.95 crore as on 30 June 2020.

Of this, CASA deposits were at Rs 6,171.71 crore (up 29.23% YoY) while term deposits were at Rs 12,481.10 crore (up 7.95% YoY) as on 30 June 2020.

Gross advances increased 23.71% to Rs 14,146 crore as on 30 June 2021 as against 11,434.65 crore as on 30 June 2020.

Advances against Gold & Gold Jewellery, accounting for 39.71% of the gross advances, aggregated to Rs 5,617.68 crore (up 46.16% YoY) as on 30 June 2021.

CSB Bank has a strong base in Kerala along with significant presence in Tamil Nadu, Karnataka, and Maharashtra. It offers a wide range of products and services to overall customer base of 1.6 million, with particular focus on SME, retail, and NRI customers.

On a standalone basis, the bank reported a net profit of Rs 42.89 crore in Q4 FY21 as against net loss of Rs 59.68 crore in Q4 FY20. The bank's total income grew by 28.2% YoY to Rs 609.45 crore during the quarter.

The scrip rose 2.04% to end at Rs 347.40 on Friday. In the past three months, the stock has zoomed 46.77% while the benchmark Sensex has added 4.91% during the same period.

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