Shares of CSB Bank rose over 7% to Rs 402 per share after the lender’s business update on July 2 showed strong growth in total deposits and gross advances for the quarter ending in June (Q1FY25).
Over the past month, CSB Bank shares have surged more than 17%, outperforming the Nifty 50’s 7% rise in the same period. Despite the recent gains, CSB Bank shares are still below the previous 52-week high of Rs 421, which was reached on January 1, 2024.
The bank’s business update highlighted a 0.6% quarter-on-quarter (QoQ) increase in total deposits to Rs 29,920 crore and a 22.2% year-on-year (YoY) rise from Rs 24,476 crore. Gross advances grew by 17.7% YoY to Rs 25,099 crore in Q1FY25 and 2.15% QoQ.
In the quarter ending in March, CSB Bank reported a 3.1% YoY decline in net profit to Rs 151.5 crore from Rs 156.4 crore in the same period last year. However, the lender’s net interest income increased by 11% YoY to Rs 387 crore in Q4FY24 from Rs 349 crore in the year-ago period.
The bank’s gross non-performing assets (GNPAs) stood at 1.47% in the fourth quarter compared to 1.22% in the third quarter of FY24. Net NPAs were at 0.51% against 0.31% QoQ.
