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CSB Bank reduces losses to Rs 59.69 crore in March quarter

Rajendran attributed the Rs 225 crore provisions to a higher than RBI-mandated provisioning of Rs 93 crore, not utilising an option to amortise fraud provision of Rs 22 crore and Rs 4 crore due to impact of COVID-19 pandemic.

June 16, 2020 / 03:41 PM IST

Kerala-based CSB Bank on Monday reported narrowing of losses in the March quarter to Rs 59.69 crore as against Rs 150.64 crore in the year-ago period. For FY2019-20, it reported a net profit of Rs 12.72 crore as against a loss of Rs 197.42 crore in the year-ago period.

Its chief executive and managing director C V R Rajendran said the yearly profit could have been higher by Rs 225 crore, which was set aside as provisions for a variety of purposes, including the ongoing COVID-19 pandemic.

He said the bank will focus on the gold loan segment and is targeting to increase total contribution from the vertical to 35 per cent in FY2020-21 from the present 31 per cent.

Despite a tendency to redeem loans at the beginning of the year, it has seen an addition of Rs 125 crore on the loan book in this segment since April, he said.