Private sector CSB Bank on Saturday posted an all-time high net profit of Rs 218.40 crore for the fiscal ended March 2021. "The bank recorded an all-time high net profit of Rs 218.40 crore in FY21 as against Rs 12.72 crore in FY20, an increase of 1,617 percent," CSB Bank said in a regulatory filing.
During the last quarter ended March of FY21, the lender reported a net profit of Rs 42.89 crore against a loss of Rs 59.70 crore in the same quarter of 2019-20, CSB Bank said.
Total income during the reported quarter grew to Rs 609.45 crore as against Rs 475.49 crore in the same period a year ago. Interest income moved up by 28 percent to Rs 497 crore.
The full-year income too increased to Rs 2,273.11 crore in FY21 from Rs 1,731.50 crore in FY20. Interest income during the year was at Rs 1,872 crore as against Rs 1,510 crore.
Bank's asset quality improved as the gross non-performing assets (NPAs) fell to 2.68 percent of the gross advances as of March 31, 2021 as against 3.54 percent by end of March 2020.
In absolute value, the gross NPAs or bad loans amounted to Rs 393.49 crore, compared with Rs 409.43 crore a year ago.
Net NPAs also fell to 1.17 percent (Rs 168.81 crore) from 1.91 percent (Rs 216.94 crore).
Provisions for bad loans and contingencies were down in Q4FY21 at Rs 70.95 crore as compared with Rs 84.32 crore parked aside in the year-ago period.
CSB Bank said its advances grew by 27 percent mainly contributed by gold loan growth of 61 percent. Deposits at end of March this year grew to Rs 19,140 crore as against Rs 15,791 crore a year ago, while the advances were up at Rs 14,438 crore as against Rs 11,366 crore.
Total business has grown by Rs 6,421 crore or by 24 percent year-on-year, it said, adding, thus in the centenary year the bank has grown a fourth of the total business it grew in past 99 years.
The lender said it has a comfortable liquidity position with liquidity coverage ratio of 210.39 percent which is well above the RBI requirement.