CSB Bank reports 174% YoY jump in Q1 profit at Rs 53.5 cr
Published On: Wednesday, August 19, 2020 | By: Team KnowMyStock
Shares of CSB Bank gained 14.4 per cent to Rs 227.85 per share on the BSE on Wednesday after the bank reported a net profit of 53.56 crores in June quarter of FY21which grew 174.1 per cent on a yearly basis as against Rs 19.54 crore in Q1FY20.In the March quarter of FY20, the bank had incurred a net loss of Rs 59.68 crore.CSB Bank said its interest income rose 18.90 per cent YoY to Rs 422.60 crore from Rs 355.42 crore. The bank's operating profit before provisions and contingencies stood at Rs 129,09 crore, clocking a growth of 222 per cent YoY. Provision of the bank has also increased from over five-fold to Rs 57.53 crore Q1FY21, as against Rs 10.07 crore in the corresponding quarter last year, Out of which Rs 13.76 crore were for bad loans. In the March quarter, the same stood at Rs 84.32 crore.
During the current quarter, the Bank has recognized a 10 per cent provision on loans of Rs 31.30 crore, against the likely impact of Covid-19 pandemic which is more than the provision prescribed by the RBI’s notification dated 17 April 2020.The bank's gross non-performing assets stood at Rs 401.03 crore, mildly lower from Rs 409.43 crore reported in Q4FY20.
Tags: CSB net profit
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