CSB Bank jumps 7% on strong deposit, advances growth in Q1 business update

CSB Bank jumps 7% on strong deposit, advances growth in Q1 business update

Shares of CSB Bank jumped over 7 percent to Rs 402 per share after the lender shared business update on July 2 that showed strong growth in total deposits and gross advances for the June-ended quarter (Q1FY25).

In the past one month, shares of CSB Bank have surged over 17 percent, outperforming benchmark Nifty 50's seven percent rise during the same period.

Shares of CSB Bank are still below the previous 52-week high of Rs 421 that it had touched on January 1, 2024.

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CSB Bank's business update says that total deposits marked 0.6 percent increase quarter-on-quarter (QoQ) to Rs 29,920 crore, while it was up 22.2 percent year-on-year (YoY) from Rs 24,476 crore.

The bank's gross advances grew by 17.7 percent YoY to Rs 25,099 crore in Q1FY25 and 2.15 percent QoQ.

For the March-ended quarter, CSB Bank reported 3.1 percent YoY decline in net profit to Rs 151.5 crore from Rs 156.4 crore in the year-ago period. The lender's net interest income rose by 11 percent YoY to Rs 387 crore in Q4FY24 from Rs 349 crore in the year-ago period.

The gross non-performing assets (GNPAs) stood at 1.47 percent in the fourth quarter against 1.22 percent in the third quarter of FY24. Net NPAs came at 0.51 percent against 0.31 percent QoQ.

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