CSB Bank Closes at 52-Week High on Record Net Profit

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CSB Bank Closes at 52-Week High on Record Net Profit
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Csb Bank Ltd (NS: CSBB ) closed at Rs 270.9, a 52-week high, after it reported stellar numbers for FY21. It reported a record net profit of Rs 218.4 crore, its highest ever, for FY21 compared to Rs 12.72 crore in FY20. That’s an increase of 1,617%.

For the fourth quarter of FY21, ended March 31, it reported a net profit of Rs 42.89 crore compared to a loss of Rs 59.7 crore the fourth quarter of FY20.

“In terms of the overall business, the bank has grown a fourth…We could also open 101 branches in this 101st year of existence. In terms of profitability, we could break all the past records by crossing the Rs 200 crore mark,” said C V R Rajendran, MD and CEO, CSB Bank.

There is mixed news on the company’s gross net performing assets (NPAs). It has fallen from 3.54% in Q4 FY20 to 2.68% in Q4FY21. However, it grew from 1.77% from Q3FY21. Net NPA decreased from 1.91% in Q4FY20 to 1.17% in Q4FY21.

CSB Bank said that it is expecting a slowdown in loan collections after lockdowns in Kerala and Tamil Nadu (NS: TNNP ). In a media interaction, CSB management said that collection efficiency was at 93-94% in April and that recovery would be impacted.

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