CSB bank Shares are up after reporting a 30% rise in advances!

Today, shares of the CSB Bank jumped after reporting quarter-end results for June 30, 2023. In the past trading session, the scrip closed at Rs 283.50, and today it opened at Rs 289. It has a 52-week high of Rs 297.20 hit on April 28, 2023. Currently, it is trading near its 52-week high at Rs 291.50, up by 2.82%. The company has a market capitalisation of around Rs 5,000 crore. 

Talking about the performance bank’s gross advances stood at Rs 21,306.68 crore (provisional) as of June 30, 2023 (Q1FY24), posting a 30.40% rise in year-on-year terms against Rs 16,339.01 crore as of June 30, 2022, and in quarter-on-quarter basis stood at Rs 20,841.66 crore as of March 2023.  

Term deposits grew 28.78% to Rs 16,927.45 crore (provisional) as of June 30, 2023, as compared to Rs 13,144.90 crore on a yearly basis. On a quarterly basis, the deposits stood at Rs 16,619.55 crore as of March 2023. Its total deposits stood at Rs 24,475.52 crore (provisional) as of June 30, 2023, posting a 20.77% rise in year-on-year terms as against Rs 20,266.77 crore as of June 30, 2022, and on quarter-on-quarter basis, term deposits stood at Rs 24,505.81 crore as of March 2023.

CASA stood at Rs 7,548.08 crore (provisional) as of June 30, 2023, posting a 5.98% rise in year-on-year terms against Rs 7,121.88 crore as of June 30, 2022, and on a quarter-on-quarter basis stood at Rs 7,886.26 crore as of March 2023.  

CSB Bank is one of the oldest private sector banks in India with a history of over 98 years and has a strong base in Kerala along with a significant presence in Tamil Nadu, Karnataka, and Maharashtra. It offers a wide range of products and services with a particular focus on SME, Retail, and NRI customers.

While the bank has a long operating history as a traditional bank, it is currently focusing on the implementation of strategic changes in its business model to function efficiently as a full-service new-age private sector bank backed by its new marquee investor – FIHM, its Promoter.