New Delhi: CSB Bank announced a 14 percent decrease in its net profit for the June quarter, amounting to Rs 113 crore, as a result of a rise in non-performing loans. The private sector bank had recorded a net profit of Rs 132 crore in the same period last year.
Nonetheless, CSB Bank reported in a regulatory filing that overall revenue grew to Rs 1,004 crore from Rs 803 crore in the previous year.
During the period being examined, interest earnings increased to Rs 832 crore, up from Rs 683 crore the previous year. The bank's asset quality deteriorated with Gross Non-Performing Assets (NPAs) increasing to 1.69 per cent of gross advances on June 30, 2024, from 1.27 per cent in the previous fiscal's first quarter.
Net non-performing assets (NPAs) rose to 0.68 percent of advances, up from 0.32 percent in the first quarter of the previous year. Consequently, the amount set aside for provisions and contingencies grew to Rs 20 crore, up from Rs 5 crore allocated in the corresponding quarter last year. The bank's capital adequacy ratio increased to 23.61 per cent, down from 25.99 per cent on June 30, 2023.
FIRST Business Portal addressing the potential of business capability of North East Region.
