CSB Bank Cuts Net Loss To ₹60 Crore In Q4
Money & Banking
Mumbai |
Updated on
June 15, 2020
Published on
June 15, 2020
Thrissur (Kerala) headquartered CSB Bank cut its net loss to ₹60 crore in the fourth quarter ended March 31, 2020 against ₹151 crore in the year ago period as provision towards bad loans came down substantially.
Net interest income (difference between interest earned and interest expended) increased by 31 per cent to ₹158 crore in the reporting quarter ended March 31, 2020 against ₹121 crore in the year ago quarter.
Total non-interest income, comprising treasury profit, commission income, processing fee, bad debts recovered and other income) soared 89 per cent to ₹87 crore (₹46 crore in the year ago quarter).
The operating profit before provisions and contingencies was at ₹107 crore against an operating loss of ₹38 crore in the year ago quarter.
Loan loss provisions of the private sector bank (formerly The Catholic Syrian Bank Ltd) was substantially lower at ₹56 crore (₹167 crore).
Tax expense jumped to ₹82 crore (against a tax write-back of ₹78 crore) as the bank decided to exercise the option permitted under section 115 BAA of the lncome Tax Act, 1961 as introduced by the Taxation Laws (Amendment) ordinance, 2019.
Gross non-performing assets (NPAs) inched up to 3.54 per cent of gross advances as at March-end 2020 against 3.22 per cent as at December-end 2019. Net NPAs nudged down to 1.91 per cent of net advances against 1.98 per cent.
C VR Rajendran, Managing Director & CEO, said: “Our main aim would be to carefully build a stable asset base in the current environment of heightened VUCA (Volatility, Uncertainty, Complexity, Ambiguity), while diversifying our funding base, cutting costs and improving upon margins and fee income.”
The bank is planning to open 103 branches in FY21. These branches will be opened in areas with gold loan, agriculture and microfinance, micro, small and medium enterprise and CASA (current account, savings account) potential in line with its strategic priorities.
Published on
June 15, 2020
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Mumbai |
Updated on
Thrissur (Kerala) headquartered CSB Bank cut its net loss to ₹60 crore in the fourth quarter ended March 31, 2020 against ₹151 crore in the year ago period as provision towards bad loans came down substantially.
Net interest income (difference between interest earned and interest expended) increased by 31 per cent to ₹158 crore in the reporting quarter ended March 31, 2020 against ₹121 crore in the year ago quarter.
Total non-interest income, comprising treasury profit, commission income, processing fee, bad debts recovered and other income) soared 89 per cent to ₹87 crore (₹46 crore in the year ago quarter).
The operating profit before provisions and contingencies was at ₹107 crore against an operating loss of ₹38 crore in the year ago quarter.
Loan loss provisions of the private sector bank (formerly The Catholic Syrian Bank Ltd) was substantially lower at ₹56 crore (₹167 crore).
Tax expense jumped to ₹82 crore (against a tax write-back of ₹78 crore) as the bank decided to exercise the option permitted under section 115 BAA of the lncome Tax Act, 1961 as introduced by the Taxation Laws (Amendment) ordinance, 2019.
Gross non-performing assets (NPAs) inched up to 3.54 per cent of gross advances as at March-end 2020 against 3.22 per cent as at December-end 2019. Net NPAs nudged down to 1.91 per cent of net advances against 1.98 per cent.
C VR Rajendran, Managing Director & CEO, said: “Our main aim would be to carefully build a stable asset base in the current environment of heightened VUCA (Volatility, Uncertainty, Complexity, Ambiguity), while diversifying our funding base, cutting costs and improving upon margins and fee income.”
The bank is planning to open 103 branches in FY21. These branches will be opened in areas with gold loan, agriculture and microfinance, micro, small and medium enterprise and CASA (current account, savings account) potential in line with its strategic priorities.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.
We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.
A little help from you can make a huge difference to the cause of quality journalism!
Support Quality Journalism
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