CSB Bank shares climb 7% after strong Q3 performance: Deposits up 22%, advances climb 26%
CSB Bank shares rose 6.5% to an intraday high of Rs 334.15 on the BSE on Thursday following its Q3 FY25 financial update, which showed robust growth. Total deposits rose by 22.17% year-on-year (YoY) to Rs 33,406 crore as of December 31, 2024, compared to Rs 27,345 crore in the same period last year.
This growth was primarily driven by a 28.10% YoY rise in term deposits to Rs 25,365 crore from Rs 19,802 crore. CASA deposits also increased by 6.60% YoY to Rs 8,041 crore, up from Rs 7,543 crore in the previous year.
Gross advances jumped 26.45% YoY to Rs 28,914 crore from Rs 22,867 crore a year earlier. Advances against gold and gold jewellery (excluding receivables secured against gold) rose significantly, registering a 36.28% YoY increase to Rs 13,018 crore from Rs 9,553 crore.
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Meanwhile, in the second quarter of FY25, CSB Bank reported a slim 3.9% rise in net profit to Rs 138.4 crore, compared to Rs 133.2 crore in the same period last year, due to higher provisions. The bank's net interest margin for the quarter was 54 basis points lower at 4.3% compared to 4.84% in the corresponding period last year.
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