CSB Bank Ltd.

NSE: CSBBANK | BSE: 542867 | ISIN: INE679A01013 | Industry: Banks
| Strong Performer, Under Radar
207.55 0.55 (0.27%)
NSE Aug 16, 2022 12:04 PM
Volume: 35,285

Rapid Results Alerts
CSB Bank Ltd.    
21 Jul 2022

CSB Bank Announced Q1FY23 Result :

  • Profit After Tax is at Rs 114.52 Cr in Q 1 FY 23 as against Rs 61.00 Cr in Q1 FY 22 and Rs 130.67 Cr for the sequential quarter. Net profit increased by 88% YoY basis. We continue to maintain the Covid related additional provisions during this quarter as well. Return on Assets improved from 1.03% in Q1FY22 to 1.75% as on Q1 FY23 while Return on Equity improved from 12.65% to 18.57%.
  • Credit costs continue to negative for the current quarter. Due to the decent recoveries made during Q1 FY 23, we had a net NPA provision reversal as on 30.06.2022.
  • Operating Profit of the bank is Rs 154.72 Cr whereas it was Rs 142.05 Cr in Q4 FY 22 ie, up by 9%. The operating profit for Q1 FY 22 was Rs 174.74 Cr
  • Net Interest Income (NII) earned for the first quarter is Rs 310.69 Cr with a YoY increase of 16% (Rs 267.75 Cr for Q1 FY 22). QoQ there is an increase of Rs 7 Crore.
  • Non-Interest Income for Q1 FY 23 is at Rs 54.85 Cr as against Rs 71.24 Cr for the same period last year. The treasury income was down by Rs 12 Crs on a YoY basis due to the adverse yield movements.
  • Cost Income Ratio: As compared to Q4 FY 22(61.34%), the ratio has improved to 57.67% for the first quarter of FY 23. The same was at 48.45% for Q1 FY 22. On a YoY basis, there is higher cost impact on account of increase in staff cost, rent and other admin costs of newly opened branches etc.

Speaking about the performance Mr. Pralay Mondal, Managing Director & CEO (Interim) said, “Global headwinds notwithstanding, we are in the cusp of a steady revival in capex cycles of both public and private sectors which will have a multiplier effect throughout the economy. While our Q1 growth in advances has been powered mainly by gold loans, we are now witnessing spurt in demand for credit from SME and Mid Corporate sectors. We started well in the first quarter with a Net Profit of Rs 115 Crs posting 88% growth on a YoY basis. We continued to make accelerated provisions for stressed and NPA Accounts. The key ratios like NIM, CRAR, LCR, RoA, RoE etc continues to be strong and sanguine. On the recovery front also we did well with credit costs continuing to be negative while we have a PCR of above 90%.

As in the past, Gold loans will continue to be a major focus for the bank and we have grown by over 26% YoY. On the other retail front we are on track as per the expansion plans- we have launched a few new verticals, hiring is happening for a few others, product programs are being rolled out, policy level changes are made, systems are getting ready, tie ups are in pipeline and so on. Bolstering the core deposit franchise will also be high on our agenda in the coming quarters and the interest rate environment is very conducive for the same”

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