BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
CSB Bank reported a decent overall performance.
Net interest income was up of 21.4% YoY to Rs 278 crore owing to 18 basis points sequential rise in net interest margins to 5.2%.
Other income was up 36.5% YoY to Rs 59.8 crore, led by commission income growth of 30% YoY and priority sector lending certificates premium jump of 132% .
Cost/Income ratio increased QoQ to 56% from 48% as a result of a rise in employee expenses mainly due to change in mortality assumptions pertaining to employee benefits.
CSB Bank had a provision write-back of Rs 9 crore due to reversal of provisions in gold loan segment and also due to recovery from bad debts. As a result, net profit for the quarter came in at Rs 118.5 crore, up 68.9% YoY.
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