CSB Bank's Q4 Net Profit Dips by 3% to Rs 151 Crore

CSB Bank's Q4 net profit declined 3% to Rs 151 crore due to higher bad loans. Total income climbed to Rs 991 crore, driven by higher interest income. Gross and net NPAs increased slightly. Provisions surged to Rs 29 crore, affecting profitability.

Private sector lender CSB Bank on Friday reported a 3 per cent decline in its net profit to Rs 151 crore for the fourth quarter ended March 2024, mainly due to a rise in bad loans.

The Kerala-based lender had earned a net profit of Rs 156 crore in the year-ago period.

During the quarter, the bank's total income increased to Rs 991 crore against Rs 762 crore a year ago, CSB Bank said in a regulatory filing.

The interest income grew to Rs 795 crore during the period under review from Rs 636 crore in the corresponding quarter a year ago.

On the asset quality side, the bank's gross non-performing assets (NPAs) rose to 1.47 per cent of gross advances as of March 31, 2024, from 1.26 per cent at the end of March 2023.

Net NPAs also rose to 0.51 per cent of the advances from 0.35 per cent at the end of 2024.

As a result, provisions for bad loans rose significantly to Rs 29 crore compared to Rs 3 crore in the same quarter a year ago.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)