CSB Bank announced Q1FY25 results:
- Profit after Tax is at Rs 113.32 crore in Q1FY25 as against Rs 132.22 crore in Q1FY24. We continue to maintain the accelerated provisioning policy during this quarter as well. Return on Assets and NIM were at 1.27% and 4.36% respectively during Q1FY25.
- Operating Profit of the bank is at Rs 172.49 crore as against Rs 181.43 crore in Q1FY24.
- Net Interest Income (NII) earned for the Q1FY25 was Rs 361.97 crore as against Rs 364.01 crore in Q1FY24.
- Non-Interest Income for Q1FY25 is at Rs 171.83 crore as against Rs 119.90 crore for the same period last year up by 43%. While Treasury income grew by 29%, other incomes excluding treasury income increased by Rs 47.60 crore or by 45% on a YoY basis.
- Cost Income Ratio is at 67.69% as at the end of Q1FY25; where as it was 62.51% at the end of Q1FY24. The increase is mainly on account of significant investments made on people, distribution, systems & processes in the build phase aimed at creating a strong foundation for the scale that we aspire to achieve for as part of SBS 2030
- Asset Quality & Provisioning GNPA and NNPA ratios increased by 42 bps and 36 bps respectively compared to Q1 FY24.
- Robust Capital Structure - Capital Adequacy Ratio is at 23.61%, which is well above the regulatory requirement. CRAR as on 30.06.23 was 25.99%
- Total Deposits grew by 22% YoY from Rs 24,475.52 crore as on 30.06.23 to 29,919.85 crore as on 30.06.24. The CASA ratio stood at 24.90 % as on 30.06.2024
- Advances (Net) grew by 18% YoY to Rs 24,844.01 crore as on 30.06.2024 supported by a robust growth of 24% in gold loans on YOY basis. Gold loan portfolio crossed the Rs 12,000 crore mark
Speaking about the performance Pralay Mondal, Managing Director & CEO said, “In the quarter gone by, we were able to deliver a growth of 22% and 18% in our deposits and net advances respectively on a YoY basis. Our total income recorded a growth of 25% with substantial contribution from the other income growth of 43% over Q1FY24. All the regulatory ratios like CRAR, LCR etc are stable and robust. Despite increased cost of funds and additional expenditure towards the build phase, we could register an operating and net profit of Rs 172 crore and Rs 113 crore respectively.
We are committed towards achieving what we have envisioned in our SBS 2030 journey and have made significant strides here. On the distribution front we have already opened 15 branches in Q1 and will continue with our expansion plans. On the technology front, project implementations are being tracked closely towards successful & timely execution. Our SBS vision is driving our strategic goals, thus ensuring sustained growth and value creation for all stakeholders”