Kerala-based CSB Bank posts 20% rise in Q4 net profit to Rs 156 crore

Kerala-based private sector lender CSB Bank has posted a 20 per cent rise in net profit during the fourth quarter of 2022-23 to Rs 156 crore, as compared to Rs 131 crore during the same period the previous financial year, owing to rise in income and dip in bad loans.

During the quarter under review, the bank’s  total income increased 31 per cent to Rs 763 crore from Rs 583 crore in the fourth quarter of 2021-22. Its net interest income also increased by 15 per cent from Rs 304 crore in 2021-22 to Rs 348 crore during the Q4 of FY23. The bank’s gross non-performing assets (NPAs) declined to 1.26 per cent of gross advances during the quarter, from 1.81 per cent during the same time last year. Similarly, Net NPA too declined to 0.35 per cent from 0.68 per cent last year.

“We were able to grow faster than the average industry growth trends in both deposits and advances. Despite lower treasury and PSLC income contributions, the operating profit recorded a growth of 15 per cent supported by growth in NII and other income. Key indicators like NIM, CRAR, RoA and NPA ratios continue to be strong,” said Pralay Mondal, Managing Director and chief executive officer of CSB Bank.

The bank recorded a net profit of Rs 547 crore for the year ended March 31 as against a profit of Rs 458 crore in FY 22. Net profit improved by 19 per cent on a year-o-year basis. Operating profit of the bank for FY 23 was Rs 707 crore registering YoY growth of 15 per cent as against Rs 614 crore during FY 22. Q4 FY 23 operating profit grew YoY by 42 per cent and stood at Rs 202 crore as against Rs 142 crore in Q4 FY 22. For the financial year 2023, Net Interest Income stood at Rs 1334 crore posting an increase of 16 per cent growth.