On January 1, 2025, CSB Bank Ltd reported its business update for the quarter ended December 31, 2024, wherein, it recorded a significant growth in total deposits of 22.17% year-on-year (YoY), reaching ₹33,406 crore compared to ₹27,345 crore during the same period in the previous year.
The exchange filing further stated that the the growth was backed by a notable 28.10% YoY rise in term deposits, which amounted to ₹25,365 crore, up from ₹19,802 crore in the previous year. Additionally, CASA (Current Account and Savings Account) deposits also grew by 6.60% YoY, reaching ₹8,041 crore from ₹7,543 crore in the corresponding period last year.
CSB Bank saw robust growth in its gross advances, which increased by 26.45% YoY. Advances rose to ₹28,914 crore, up from ₹22,867 crore as of December 31, 2023. A key highlight was the 36.28% YoY surge in advances against gold and gold jewellery, excluding receivables secured against gold, which climbed to ₹13,018 crore from ₹9,553 crore.
In Q2 FY25, CSB Bank reported a slight 4% increase in net profit, reaching ₹138 crore for the quarter ending September 2024, compared to ₹133 crore in the same period last year. The bank’s total income rose to ₹1,064 crore during the quarter, up from ₹830 crore in the year-ago period, according to a regulatory filing.
Net interest income also saw a 7% growth, reaching ₹367 crore in the July-September quarter, up from ₹344 crore in the corresponding period of 2023. However, the bank’s asset quality saw a decline, with gross non-performing assets (NPAs) rising to 1.68% of gross advances at the end of the September 2024 quarter, compared to 1.27% a year earlier.
On January 2, 2025, CSB Bank shares rose over 6% in morning trade and reached the day high of ₹334.15 after opening at ₹331.60.
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Published on: Jan 2, 2025, 9:29 AM IST
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