CSB bank jumps over 7% on June Quarter Data

CSB Bank (formerly The Catholic Syrian Bank Ltd) is engaged in the business of banking Services, the oldest private sector bank in India with a history of over 100 years, and a strong base in Kerala, The Bank focuses on SME, retail, and NRI customers. The bank has a network of over 785 branches and more than 746 ATMs across India.

CSB Bank June quarter data

Private sector lender CSB Bank, on Monday (July 1), released its business update for the quarter that ended June 30, 2024, indicating robust growth in both total deposits and gross advances compared to the previous quarter and the same period last year. CSB Bank Ltd. experienced significant growth in the April–June quarter, with gross advances increasing by 17.8% year-on-year to reach Rs 25,099 crore. Deposits also surged, rising 22.2% to Rs 29,920 crore compared to Rs 24,476 crore in the same period last year, as indicated by the provisional quarterly business updates submitted to stock exchanges on Monday.  Advances against gold and gold jewelry grew substantially, climbing 24.08% to Rs 12,487 crore from Rs 10,064 crore in the previous year.

CSB Bank stock jumps over 7%

CSB Bank’s stock jumped over 7%, reaching an intraday high of Rs 403.20 a piece. The stock has been up by 14% in the past month, showing strong short-term performance. Over the past year, it has delivered more than 34% returns, reflecting sustained growth. This positive movement underscores investor confidence and the bank’s robust financial health, driven by significant increases in both advances and deposits during the April–June quarter.

Conclusion: CSB Bank’s June quarter data reveals robust growth, with significant increases in advances and deposits. However, the dip in the CASA ratio indicates a reliance on costlier funding, which may impact margins. The stock of CSB Bank currently trades at Rs.387.20 up by 3.20% from its previous day’s closing price.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.