The Board of Directors of CSB Bank on Monday reviewed and approved the financial results for the third quarter (Q3) and the nine months ended December 31, 2023, the company announced through an exchange filing.
The highlights of the financial report across various key indicators are as follows:
Net Profit
CSB Bank reported a net profit of Rs 415 crores for the nine months ended December 31, 2023, showing a 6 per cent YoY improvement compared to Rs 391 crores in the corresponding period last year. The net profit for the quarter alone stood at Rs 150 crores, contributing to an annualized Return on Assets (RoA) of 1.78 per cent for the nine months.
Operating Profit
The operating profit for the nine months period ended December 31, 2023, increased by 9 per cent to Rs 552 crores from Rs 506 crores in the corresponding previous period. The financial year Q3FY24 operating profit reached Rs 196 crores, reflecting a 12 per cent growth over the sequential quarter.
Net Interest Income
NII for the nine months ended December 31, 2023, reached Rs 1090 crores, marking an 11 per cent YoY increase. In Q3FY24, NII stood at Rs 383 crores, marking an 11 per increase over Q2FY24 and a 9 per cent increase over Q3 FY 23.
Non-Interest Income
Non-Interest Income for Q3FY24 recorded a growth of 39 per cent over Q3 FY 2023, reaching Rs 388 crores.
Other income for the nine months ended December 31, 2023, increased significantly to Rs 388 crores, reflecting a 104 per cent YoY increase.
Cost Income Ratio
The Cost Income Ratio for Q3FY24 improved to 61.44 per cent, compared to 64.09 per cent for Q2 FY 24. For the nine months ended December 31, 2023, the Cost Income Ratio was at 62.66 per cent, reflecting investments in people, technology, and distribution for long-term growth.
Deposit and Advances Growth
Total Deposits grew by 21 per cent YoY, with the CASA book reaching Rs 7543 crores and a CASA ratio of 27.58 per cent as of December 31, 2023. Net Advances grew by 23 per cent YoY, reaching Rs 22,658 crores as of December 31, 2023.
Capital Structure and Liquidity
The Capital Adequacy Ratio stands at 22.99 per cent and the Leverage Ratio is at 8.97 per cent as of December 31, 2023, exceeding regulatory thresholds. Liquidity Coverage Ratio as of December 31, 2023, is a at 123 per cent.
Asset Quality & Provisioning
The Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) witnessed marginal sequential and YoY decreases. The Provision Coverage Ratio (PCR) remains above 90 per cent, ensuring a healthy asset quality.
CSB Bank shares
The shares of CSB Bank on Monday at 2:21 pm IST were at Rs 373.50, down by 0.19 per cent.
