CSB Bank hits a new high

YoY, the CSB Bank posted a turnaround with a net profit of Rs.43 crore for Q4FY21 v/s loss of Rs.60 crore (YoY) and profit of Rs.53 crore (QoQ). This was on the back of a higher NII, which came in at Rs.275 crore, up 75% (YoY) while non-NII rose 30% at Rs.12 crore.

The Bank ended the FY21 fiscal with its highest-ever net profit of Rs 218 crore.

In terms of asset quality, for Q4FY21, the Gross NPA came in higher at 2.68% v/s 1.77% (QoQ) while Net NPA was at 1.17% v/s 0.68%.

Provision coverage improved from 80.02% to 84.89% (QoQ).

The Bank said that it is expecting a slowdown in loan collections following the second Covid-led lockdowns in Kerala and Tamil Nadu.

The bank opened 101 branches in FY21 and is looking to open another 200 branches in states including Tamil Nadu, Andhra Pradesh, and Karnataka.

The market is super enthused with this performance as the price rose over 9.5% to hit an intraday high at Rs.282.80, hitting a new 52-week high and continues to hover around these levels currently. Volumes are up almost 4 times.