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CSB Bank reports highest-ever net profit of Rs 218.40 crore for FY21

The bank's total income during the period increased to Rs 609.45 crore from Rs 475.49 crore in the -ago period. The bank’s total income during the period increased to Rs 609.45 crore from Rs 475.49 crore in the -ago period.

The CSB Bank on Saturday announced a net profit of Rs 42.9 crore in the fourth quarter of FY21 largely on the rise in interest income. The Thrissur-based lender reported a net loss of Rs 59.7 crore in Q4 FY20 and a net profit of Rs 53 crore in the third quarter of the previous fiscal year.

CSB reported the highest ever net profit of Rs 218.40 crore for the entire 2020-2021 fiscal year, compared to net profit of Rs 12.72 crore in the 2019-20 fiscal year. Lender’s net interest income is seen 75% higher yoy (yoy) at Rs 275.7 crore for the fourth quarter of FY21, while non-interest income grew 30% yoy to reach Rs 112.3 crore. The bank’s total income during the period increased to Rs 609.45 crore from Rs 475.49 crore in the -ago period.

C VR Rajendran, chief executive and CEO of the bank, said the bank can now fully focus on growth in fiscal year 22 without any baggage from the past.

“As the industry grew by around 12% in deposits and 6% in advances, we could outperform with 21% and 27% growth in deposits and advances, respectively. In terms of overall business, the bank has grown by a quarter of the total business it has developed over the past 99 years. We could also open 101 branches during this 101st year of existence, ”he added.

The bank plans to open 200 branches in the current fiscal year.

Gross non-performing assets (NPA) as a percentage of gross advances are valued at 2.68% against 1.77% in the previous quarter and 3.54% the previous year. Net APL as a percentage of gross advances was 1.17% in the fourth quarter compared to 0.68% in the third quarter and 1.91% in the fourth quarter of fiscal 20.

However, the proforma gross NPA ratio and the pro forma net NPA ratio stood at 3.42% and 1.93% for the third quarter, respectively, bank sources said.

The lender’s gold loan portfolio grew 61.3% year-on-year to Rs 6,131 crore and the bank has 17.28 tons of gold in its custody.
Provision The bank’s coverage improved to 84.89% as of 03.31.2021 against 80.02% as of 03.31.2020.

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Abhinav Garg

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