CSB Bank reports PAT of Rs 53 cr in Q3

Private sector lender CSB Bank (earlier known as Catholic Syrian Bank) on Tuesday reported a profit after tax of Rs 53 crore in the third quarter (October to December 2020) as compared to Rs 28 crore in the corresponding period of the previous fiscal year.

In Q2 FY21, it had a profit of Rs 69 crore. For the nine months ended December 31 last year, the profit after tax works out to Rs 176 crore with return on assets at 1.07 per cent despite having made healthy provisions in the post moratorium scenario.

The net interest income in Q3 FY21 stood at Rs 251 crore as against Rs 155 crore in Q3 FY20 with an absolute growth of Rs 96 crore or 61.8 per cent.

CSB said its cost of deposits came down from 5.91 per cent to 4.91 per cent in Q3 FY20 while the yield on investments went up from 6.33 per cent to 7 per cent in Q3 FY21.

The gross non-performing assets (NPAs) decreased from Rs 387 crore on September 30 to Rs 235 crore on December 31. Gross NPA as a percentage of advances was at 1.77 per cent as compared to 3.04 per cent in the same period.

The capital adequacy ratio improved from 19.69 per cent on September 30, 2020, to 21.02 per cent on December 31, 2020. The liquidity coverage ratio is at 200 per cent which is well above the RBI requirement.

"The recent revival of economic activity is having a positive impact on the banking industry as a whole, and I am happy that we are no exception to this," said Managing Director and CEO C V R Rajendran.

"While building volumes, it will be our endeavour to have the right risk-return matrix without compromising on the compliance standards," he said.

( With inputs from ANI )