CSB Bank Reports Strong Financial Performance For FY 2023-24
The bank recorded a net profit of Rs 567 crore for the year ended 31 March 2024, showing a 4 per cent increase from the previous year's net profit of Rs 547 crore
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CSB Bank announced its audited financial results for the fourth quarter (Q4 FY 2024) and the financial year ended 31 March 2024, following a board meeting held on 26 April 2024.
The bank recorded a net profit of Rs 567 crore for the year ended 31 March 2024, showing a 4 per cent increase from the previous year's net profit of Rs 547 crore. The Return on Assets (RoA) for FY 24 stood at 1.79 per cent.
Operating profit for FY 24 was Rs 780 crore, representing a year-on-year (YoY) growth of 10 per cent. In Q4 FY 24, operating profit increased by 13 per cent to Rs 228 crore compared to Rs 202 crore in Q4 FY 23.
The bank recorded a stable Net Interest Income (NII) growth of 11 per cent both on a YoY and quarterly basis. NII for FY 2024 stood at Rs 1476 crore, while for Q4 FY 24, it was Rs 386 crore.
Non-interest income for FY 2024 witnessed an impressive growth of 85 per cent over FY 2023, mainly due to increased fee income, forex income, and treasury profits.
The Gross Non-Performing Asset (NPA) ratio and Net NPA ratio stood at 1.47 per cent and 0.51 per cent respectively as of 31 March 2024. The Provisioning Coverage Ratio remained strong at 86.44 31.
The Capital Adequacy Ratio stood at a healthy level of 24.47 per cent, well above the regulatory requirement, while the Liquidity Coverage Ratio was reported to be at 117 per cent on average.
Total deposits grew by 21 per cent YoY, reaching Rs 29,718.80 crore, while net advances grew by 18 per cent YoY to Rs 24,335.58 crore. The CASA book stood at Rs 8085 crore, with a share of 27.20 per cent.
Speaking about the performance, Pralay Mondal, Managing Director & CEO of CSB Bank, stated, “Despite the challenges posed by economic conditions, regulatory changes, liquidity constraints and increased competition, we have managed to post reasonably good numbers. We continued to grow faster than the industry average in both deposits and advances, and our key indicators remain strong."
The bank also emphasised its efforts in expanding its distribution network by opening 76 new branches during the fiscal year.
These financial results indicate a positive trajectory for CSB Bank, reflecting its commitment to growth and maintaining strong financial fundamentals.
