CSB Bank Q1 Profit by 5% despite NIM fall, provisions increase

The CSB Bank of the private sector reported an increase of approximately 5% in the net profit of the first quarter at RS 118.6 Crore compared to RS 113.3 Crore in the period of the year ago, while the provisions and unforeseen circumstances of the bank rise triple.

The win was at RS 190.4 Crore in the last quarter last tax.

The business profit for the quarter was 27% higher on an annual basis at RS 220 Crore Agaist RS 173 Crore earlier, stimulated by an increase of 42% in other income at RS 245 Crore. The net interest income rose with a modest 5% at RS 379 Crore.

The net interest rate margin of the fairfax-supported bank fell to 3.54% for the three-month period compared to 4.36% in the period of the year ago.

“I believe that the NIM has risen. Another rate can be reduced by the reserve Bank of India, but it is unlikely that NIM will go below 3.5%,” Bank Managing Director and Chief Executiv Officer Pralay Mondal told ET.

The determination of the bank to cover poor loans increased by 179% by RS 57 crore in synchronization with an increase in the gross non-performing assets ratio to 1.84% at the end of June of 1.69% per year. Just NPA was 0.66% earlier at 0.68% earlier. It saw higher slips in the quarter of June at RS 136 Crore against RS 103 Crore earlier. “Although the increased costs are mainly powered by technology implementation and slightly higher slippages that put pressure on the bottom line, we expect better figures in the next two quarters,” said Mondal. The net prefecting grew by 31% years to RS 24,844 Crore, while the total of the deposits 20% to RS 24,844 crore to RS 24,844 crore to RS 24,844 crore to RS 24,844 crore admit.