Fairfax-backed CSB Bank's Q3 PBT increases multiple fold to Rs 42.4 cr

Net NPA which was 3.7 per cent last year third quarter dropped to 2 per cent during the current fiscal

Fairfax-backed CSB Bank's profi before tax (PBT) rose to Rs 42.4 crore during the third quarter of the current fiscal from Rs 1.6 crore, during the same period last year. The bank's net profit rose to Rs 28.1 crore from Rs 0.7 crore. Net Interest Income (NII) of the bank rose by 31 per cent to Rs 155.2 crore from Rs 118.3 crore.

Net NPA, which came in at 3.7 per cent last year's third quarter, dropped to 2 per cent during the current fiscal.

In absolute terms, the lender's net NPA decreased to Rs 213.7 crore as on 31.12.19 from Rs 365.5 crore as on December 31, 2018 and the capital adequacy ratio rose to 23 per cent from 15.5 per cent.

The bank's provision coverage improved to 80.3% as on December 31, 2019 from 66.2 per cent, a year ago.