The lender’s Net Interest Income (NII) or core income declined on a year-on-year basis by 3.9% to ₹371 crore, while its net profit stood at ₹190 crore, compared to ₹151.5 crore during the same quarter last year.
Higher other income contributed to CSB Bank’s profitability during the quarter. Other income during the quarter surged to ₹381.5 crore from ₹196.5 crore during the same quarter last year.
Asset quality remained relatively unchanged during the January-March period. Gross NPA at the end of the quarter stood at 1.57% from 1.58% in December, while Net NPA stood at 0.52% from 0.64% at the end of the previous quarter.
Provisions other than taxes and contingencies stood at ₹60.2 crore during the quarter, compared to ₹16.5 crore in December, and ₹21.6 crore during the year-ago period.
CSB Bank had already reported its business update for the March quarter earlier this month.
The lender’s deposits grew by 24% year-on-year and 10.3% from the previous quarter to ₹36,861 crore. Gross Advances also grew by 29.6% from last year to ₹31,843 crore.
Share of gold loans stood at 44.3% at the end of the March quarter, compared to 45% in December and 42.3% last year.
Excluding Gold Loans, CSB Bank’s loan book grew by 25.3% year-on-year to ₹17,749 crore during the March quarter.
Shares of CSB Bank ended 0.5% higher post the results at ₹357.35. The stock had risen 18% over the last one month ahead of the earnings announcement.
