CSB Bank Reports 13% H1 FY24 Profit Growth & Strong RoA

CSB Bank's Board of Directors unveiled the financial results for the second quarter (Q2 FY24) and the first half of the fiscal year (H1 FY24), underlining the bank's financial health and strategic prowess on 20 October 2023, 

For the half-year ending on 30 September 2023, CSB Bank reported a net profit of Rs 265.39 crores. This figure marks a commendable 13 per cent growth compared to the corresponding period in the previous year when the profit stood at Rs 235.07 crores. In addition, the current quarter's net profit soared by 10 per cent compared to Q2 FY23. It's noteworthy that CSB Bank maintained its accelerated loan provisioning policy and boasts an impressive Return on Assets (RoA) of 1.76 per cent for H1 and 1.73 per cent for Q2 FY24.

CSB Bank's operating profit for H1 FY24, concluding on 30 September 2023, reached Rs 356.06 crores, demonstrating a remarkable 14 per cent increase compared to H1 FY23.

The bank's Net Interest Income (NII) for H1 FY24 stood at Rs 707.71 crores, marking an 11 per cent upswing compared to H1 FY23. In Q2 FY24, NII amounted to Rs 343.70 crores, reflecting a 6 per cent increase compared to Q2 FY23.

By strategically diversifying income streams, CSB Bank reported a striking 171 per cent growth in non-interest income for H1 FY24 compared to the same period the previous year. More impressively, Q2 FY24 saw a remarkable 230 per cent increase in this income category compared to Q2 FY23.