Total income of the bank during the period rose to Rs 609.45 crore from Rs 475.49 crore in the -ago period.
CSB Bank on Saturday reported a net profit of Rs 42.9 crore in the fourth quarter of FY21 largely on higher interest income. The Thrissur-based lender had reported a net loss of Rs 59.7 crore in Q4 FY20 and a net profit of Rs 53 crore in the third quarter of the last fiscal year.
CSB reported the highest-ever net profit of Rs 218.40 crore for the full financial year 2020-21 as against a net profit of Rs 12.72 crore in FY 2019-20. Net interest income of the lender is seen higher by 75 % year-on-year (y-o-y) to Rs 275.7 crore for the fourth quarter of FY21, while non-interest income grew by 30 % y-o-y to touch Rs 112.3 crore. Total income of the bank during the period rose to Rs 609.45 crore from Rs 475.49 crore in the -ago period.
C VR Rajendran, managing director & CEO of the bank, said the bank can now fully focus on growth in FY 22 without any baggages of the past.
“While the industry grew by approximately 12% in deposits and 6% in advances, we could outperform by recording 21% and 27% growth in deposits and advances respectively. In terms of overall business, the bank has grown a fourth of the total business it grew in past 99 years. We could also open 101 branches in this 101st year of existence,” he added.
The bank has plans to open 200 branches in the current fiscal.
Gross non-performing assets (NPA) as a percentage of gross advances is seen at 2.68 % from 1.77 % in the preceding quarter and 3.54% in the year ago period. Net NPA as a percentage of gross advances stands at 1.17% for the fourth quarter as against 0.68% in the third quarter and 1.91% in the fourth quarter of FY20.
However, the bank’s proforma Gross NPA ratio and proforma Net NPA ratio is seen at 3.42 % and 1.93 % respectively for the third quarter, bank sources said.
Gold loan portfolio of the lender has grown by 61.3% y-o-y to touch Rs 6131 crore and the bank has 17.28 tonnes of gold in its custody. Provision Coverage of the bank has improved to 84.89 % as on 31.03.2021 from 80.02 % as on 31.03.2020.