CSB Bank turns around with Rs 134 cr PBT in FY20 after years of losses

Despite a one-time hit of Rs 87 cr on its P&L for switching over to lower tax rate regime, the lender has posted net profit of Rs 13 crore in FY20 from a loss of Rs 197 crore of FY19

After reporting losses for the past several years, Fairfax-backed CSB Bank (formerly known as Catholic Syrian Bank) finally turned around by reporting a profit before tax of Rs 134 crore for the full yearm 2019-20. The lender had posted a pre-tax loss of Rs 300 crore in FY19.

Despite having taken a one-time hit of Rs 87 crore on its profit and loss account for switching over to the lower tax rate regime, the lender has posted net profit (after tax) of Rs 13 crore in FY20 from a loss of Rs 197 crore of FY19. 

For the fourth quarter ended March