CSB Bank net profit rises 19% to Rs 156 crore as bad loans decline

Private sector lender CSB Bank on Friday reported 19 per cent rise in net profit at Rs 156 crore for March quarter 2022-23 as bad loans declined.

The bank had earned a net profit of Rs 131 crore in the same quarter of previous year.

During the quarter, the bank's total income increased to Rs 762.81 crore from Rs 583.17 crore a year ago, CSB Bank said in a regulatory filing.

Interest income grew to Rs 636.49 crore during the period under review from Rs 519.56 crore in the corresponding quarter a year ago.

Gross non-performing assets (NPAs) were reduced to 1.26 per cent of gross advances as of March 31, 2023, from 1.81 per cent by the end of March 2022.

Net NPAs also came down to 0.35 per cent of the advances from 0.68 per cent at the end of 2022.

The Kerala-based bank recorded a net profit of Rs 547 crore for the year ended March 2023 as against Rs 458 crore in the previous year, logging a 19 per cent increase.

The bank continues with the policy to maintain accelerated provisioning during this quarter as well, it said.

Net Interest Income (NII) in FY23 stood at Rs 1,334 crore, posting an increase of 16 per cent over the previous year.

Capital Adequacy Ratio is at 27.10 per cent, which is well above the regulatory requirement.