CSB Bank today reported a 20 per cent YoY increase in its net profit for Q4 FY23 to ₹156 crore, flat on quarter. For FY23, the profit after tax was ₹547 crore, higher by 19 per cent.

Net advances were up 31 per cent YoY and 12 per cent QoQ to ₹20,651 crore supported mainly by a gold loan portfolio growth of 48 per cent YoY, it said in a release.

Net Interest Income (NII) for the quarter was ₹349 crore, up 15 per cent YoY and flat on quarter. For FY23, NII was ₹1,334 crore, higher by 16 per cent.

The private sector lender continued making accelerated provisioning during the quarter, it said in a release, adding that the entire outstanding balance of security receipts has been provided for as of March 31.

Gross NPA ratio of the bank improved to 1.3 per cent at the end of March from 1.5 per cent a quarter ago and 1.8 per cent a year ago. The net NPA ratio at 0.4 per cent was flat from the previous quarter but better than 0.7 per cent in the previous year.

Depositsgrew 21 per cent YoY and 8 per cent QoQ to ₹24,506 crore. Low-cost CASA deposits were up 16 per cent to ₹7,886 crore, accounting for 32 per cent of total deposits.

“We were able to grow faster than the average industry growth trends in both deposits and advances. Despite lower treasury and PSLC income contributions, the operating profit recorded a growth of 15 per cent supported by growth in NII and other income,” MD and CEO Pralay Mondal said. 

Capital adequacy ratio of the bank was at 27.1 per cent and the Liquidity Coverage Ratio stood at 123 per cent.

CSB Bank said FY24 will be a crucial year for the “build phase” wherein the bank is planning major infrastructure investments, specifically in technology and geographical expansion.

“As we progress here, the business verticals will get benefitted by the improved support structure which will particularly help in the full-fledged offtake of the retail verticals,” Mondal said.

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