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CSB Bank announced Q4FY24 & FY24 results:
Financial Highlights:
- Profit After-tax: Bank recorded a Net profit of Rs 567 crore for FY24 as against a Net profit of Rs 547 crore in FY23. Net profit improved by 4% on a YoY basis. RoA of the Bank is at 1.79% for FY24.
- Strong Operating Performance: Operating profit of bank for FY24 was Rs 780 crore registering YoY growth of 10% as against Rs 707 crore during FY23. Q4FY24 operating profit grew YoY by 13% and stood at Rs 228 crore as against Rs 202 crore in Q4FY23.
- Net Interest Income (NII): Bank recorded a stable NII growth of 11% both on a YoY and quarterly basis. NII for FY24 & Q4FY24 stood at Rs 1,476 crore (Rs 1,334 crore for FY23) and Rs 386 crore (Rs 349 crore for Q4FY23) respectively.
- Non-Interest Income for FY24 saw an impressive growth of 85% over FY23 mainly due to increased Fee Income, Forex income, Treasury Profits etc. On a quarterly basis ie, Q4FY24 vs Q4FY23, non- interest income has registered a growth of 56%
- Cost Income Ratio for Q4FY24 stood at 60.86% as against 57.45% for Q4FY23 and the corresponding ratio for FY 2024 was at 62.15% as against 57.12% for FY23.
- Gross NPA and Net NPA ratios are at 1.47% and 0.51% respectively as at Q4FY24
- Robust Capital Structure - Capital Adequacy Ratio is at a healthy level of 24.47%, and is well above the regulatory requirement.
- Comfortable Liquidity Position - Liquidity Coverage Ratio is comfortable at 117% (average basis)
- Total Deposits grew by 21 % YoY. CASA book is at Rs 8,085 crore with a share of 27.20%
- Advances (Net) grew by 18% YoY to Rs 24,336 crore as on 31.03.2024 with a CD ratio of 82%
Speaking about the performance, Pralay Mondal, Managing Director & CEO said, “This is the second year of our SBS 2030 vision. In a journey like this what is more important is relentlessly pursuing the vision set in enjoying the ups and surfing through the challenges as a team. Despite the challenges posed by the economic conditions, regulatory changes, liquidity constraints, increased competition etc., we got our priorities right and could post reasonably good numbers.
We could register a net profit of Rs 567 crore; backed by a 20% growth in Business; 18% net loan book growth and 21% deposit growth. We continued to grow faster than the average industry growth trends in both deposits and advances. Our operating profit recorded a growth of 11% supported by growth in NII and other income. Key indicators like NIM, CRAR, RoA, NPA ratios etc. continue to be strong. We continued our efforts in building the distribution by opening another 76 branches.
The most critical milestone that we look forward to in FY 25 is the roll out of phase I of CBS migration and the right execution will act as a catalyst in our progressive journey. We will be strengthening the SME & Corporate segments and strive for a better market share without losing our focus on retail including gold. Business mix will tilt towards the anticipated SME & WSB segment and for the betterment of the Bank."
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