CSB Bank ends higher after strong Q3 business update

CSB Bank advanced 3.50% to end at Rs 245.75 after the bank's total deposits increased by 18.93% to Rs 22,664.02 crore as on 31 December 2022 from Rs 19,056.01 crore as on 30 December 2021.

Of this, CASA deposits amounted to Rs 7,125.74 crore (up 8.18% YoY) and term deposits aggregated to Rs 15,538.27 crore (up 24.62% YoY).

Gross advances rose by 25.74% to Rs 18,643.32 crore as on 31 December 2022 from Rs 14,827.09 crore as on 30 December 2021. Advances against Gold & Gold Jewellery. (Including receivables secured against gold) stood at Rs 8,772.48 crore (up 50.81% YoY) as on 31 December 2022.

CSB Bank is an old private sector bank with a history of over 101 years and operating out of 603 branches. The business is concentrated in Kerala (approximately 50% branches) with remaining spread mainly across Tamil Nadu, Karnataka, and Maharashtra.

In Q2FY23, the bank had reported a two per cent increase in net profit to Rs 120.5 crore and 8 per cent increase in total income to Rs 600.12 crore compared to Q2FY22.

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