Shares of CSB Bank Ltd plunged 8 per cent in Friday's trade as net profit fell 3 per cent to Rs 151.46 crore for the March quarter compared with Rs 156.34 crore in the same quarter last year. Profit fell even as other income jumped 52 per cent YoY to Rs 179.38 crore.
CSB Bank shares fell 8.3 per cent to hit a low of Rs 371.05 on BSE.
The bank said its net interest income (NII) rose 11 per cent YoY to Rs 386.03 crore from Rs 348.45 crore. Non-interest income was up 56 per cent t Rs 196.51 crore from Rs 125.99 crore. Gross non-performing assets (NPA) as percentage of advances increased to 1.47 per cent from 1.45 pr cent sequentially.
Managing Director & CEO Pralay Mondal said: “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 per cent growth in business; 18 per cent net loan book growth and 21 per cent deposit growth. We continued to grow faster than the average industry growth trends in both deposits and advances."
Mondal said his bank is looking forward to the rolling out of phase I of CBS migration in FY25.
"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," he said.