CSB Bank gains after total deposits jumps 10% YoY in Q2 FY23

CSB Bank advanced 4.65% to Rs 232.95 after the private lender said that its total deposits increased 10.13% to Rs 20,986.61 crore as on 30 September 2022 as against Rs 19,055.49 crore as on 30 September 2021.

CASA deposits jumped 15.86% to Rs 7,192.81 crore while term deposits rose 7.37% to Rs 13,793.80 crore as on 30 September 2022 over 30 September 2021.

Gross advances surged 23.61% to Rs 17,661.02 crore as on 30 September 2022 from Rs 14,287.74 recorded in the same period last year.

Advances against gold & gold jewellery, aggregated to Rs 8,027.72 crore as on 30 September 2022 as against Rs 5,441.43 crore posted on 30 September 2021, registering a growth of 47.53%

CSB Bank is an old private sector bank with a history of over 101 years and operating out of 603 branches. The business is concentrated in Kerala (approximately 50% branches) with remaining spread mainly across Tamil Nadu, Karnataka, and Maharashtra.

CSB Bank reported a net profit of Rs 114.52 crore in Q1 FY23 as against a net profit of Rs 61 crore in Q1 FY22. Total income rose by 4.3% YoY to Rs 590.78 crore in Q1 FY23.

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