CSB Bank Q1 results: Net profit falls 14% to Rs 113 cr as gross NPA highest in seven quarters

The lender’s capital adequacy ratio for the quarter stood at 23.61 percent.

Private sector lender CSB Bank reported a net profit of Rs 113 crore in the first quarter of fiscal year 2024-25, a 14 percent drop from Rs 132 crore last year. The drop in profit was due to worsening asset quality.

The total income increased to Rs 1,004 crore from Rs 803 crore a year ago. Interest income grew to Rs 832 crore during the period under review, from Rs 683 crore a year ago.

The bank's asset quality worsened as gross non-performing assets (GNPAs) rose to 1.69 percent of gross advances from 1.27 percent at the end of the first quarter of the previous fiscal. Net NPAs also increased to 0.68 per cent of the advances, from 0.32 per cent at the end of the first quarter last year.

The lender’s chief financial officer (CFO) Satish Gundewar, in a post results analysts call, said that GNPA has peaked out in this fiscal and the bank is expecting to deliver better Q2FY25 performance.

Net interest margin of the bank stood at 4.36 percent, compared to 5.4 percent last year.

The lender’s capital adequacy ratio for the quarter stood at 23.61 percent.

Shares of the lender closed trading at Rs 344.60 apiece on BSE, 3.85 percent lower.