RBI approves Bhama Krishnamurthy's appointment as CSB part-time chairperson

CSB Bank reported a marginal increase in its September quarter net profit at Rs 120.55 crore.

Kerala-based CSB Bank on November 17 said the Reserve Bank of India (RBI) has approved the appointment of Bhama Krishnamurthy as the part-time chairperson of the bank.

The appointment is for the period from November 17, 2022, to September 28, 2024, which is coterminous with Bhama Krishnamurthy‘s second term of appointment as independent director of the bank, CSB Bank informed in a notification to stock exchanges.

CSB Bank reported a marginal increase in its September quarter net profit at Rs 120.55 crore, restricted by a heavy decline in non-interest income.

The south-based bank had reported a net profit of Rs 118.57 crore in the year-ago period. Its core net interest income climbed 17 percent to Rs 310.7 crore for the reporting quarter on the back of a 24 percent jump in loans and the net interest margin expanding to 5.6 percent.

The non-interest income dropped 25 percent to Rs 44.9 crore for the reporting quarter. Its managing director and chief executive Pralay Mondal attributed the fall in other income to over Rs 10 crore in provisions that had to be made towards security receipts for vintage sour asset sales and the rate hikes-related reverses in the investment portfolio.