CSB Bank reports 22% rise in total deposits in Q1, gross advances up 17.80%

CSB Bank reported on Monday that its total deposits rose 22.24% year-on-year (YoY) during the first quarter of fiscal year 2025 (Q1FY25) to ₹29,920 crore. Of this, current account and savings account (CASA) deposits were down 1.32% YoY to ₹7,449 crore while term deposits grew 32.75% YoY to ₹22,471 crore. Shares of CSB Bank were trading higher by over 3% on Tuesday.

The bank recorded a 24.08% YoY growth in advances against gold and jewellery, including receivables secured against gold at ₹12,487 crore. Meanwhile, the gross advances were up 17.80% YoY to ₹25,099 crore.

During the fourth quarter of the financial year 2024, the bank’s net profit fell 3% YoY to ₹151.46 crore. The net interest income (NII) of the bank grew 11% YoY to ₹386 crore while operating profit for the quarter was up 13% YoY to ₹228 crore. The company made provisions of ₹22 crore during the quarter.

For the financial year ended March 31, 2024, the bank’s net profit was up 4% YoY to ₹567 crore, while the net interest income came in 11% higher at ₹1,476 crore. The lender saw a 10% YoY growth in its operating profit to ₹780 crore. The total provisions in FY24 came in at ₹18 crore.

The bank’s gross non-performing assets (GNPA) at the end of the financial year stood at 1.47% compared to 1.26% in FY23. The net non-performing assets (NNPA) for FY24 came in at 0.51% compared to last year’s 0.35%.

The provisioning coverage ratio (PCR) at the end of the financial year was 86.44% compared to 92.11% in the corresponding period last year.

As of March 31, 2024, the bank had recorded a 21% YoY growth in deposits at ₹29,718.80 crore while net advances were up 18% YoY to ₹24,335.58 crore.

Shares of the company have declined by nearly 7.5% since the beginning of the year. The stock has gained nearly 33% in the last one year.