CSB Bank posted a 15% year-on-year rise in net profit to Rs 132.23 crore in the June quarter, led by a decline in bad loans. 

The private sector lender had reported a net profit of Rs 114.52 crore in the year-ago period.

Total income in the fiscal first quarter rose 36% to Rs 805.04 crore from Rs 590.78 crore in the same period a year ago.

Net interest income rose 17% to Rs 364.01 crore from Rs 310.69 crore.

Non-interest income rose 122% to Rs 121.55 crore from Rs 54.85 crore a year before.

The bank’s asset quality improved, with gross non-performing assets (NPAs) declining to 1.27% of gross advances as of 30 June from 1.79% a year before.

Net NPAs declined to 0.32% versus 0.60% in the year-ago period.

Deposits grew 21% to Rs 24,475.52 crore compared to Rs 20,266.77 crore in Q1 of FY23. The CASA (current account savings account) book grew by 6% to Rs 7,548.08 crore from Rs 7,121.88 crore. The CASA ratio stood at 30.84% as on 30 June.

Advances grew 31% year-on-year to Rs 21,103.55 crore as on June 2023, aided by a healthy growth of 42% in gold loans. 

The gold loan portfolio crossed the Rs 10,000-crore mark during the period. 

“On the distribution front, as in the previous years, we plan to open another 100 branches this financial year. Our efforts will be centred on building a future-ready franchise by keeping customer centricity at the core of all our initiatives,” said CSB chief executive officer Pralay Mondal.