CSB Bank - A Turnaround Story: Dolat Capital Initiates Coverage
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Dolat Capital Report
CSB Bank Ltd. (erstwhile Catholic Syrian Bank) has undergone a transformation in last few years after Mr CV Rajendran was appointed as Chief Executive Officer in Dec-16 and after Reserve Bank of India took an exception and permitted a 51% stake by Fairfax India Holdings in July 2018.
From strengthening its top management, to moving towards product based lending approach, along with balance sheet clean up and improvement in core operating metrics, the bank is now well placed for growth along with adequate capital backing.
We expect return on assets to rise to 1.3/1.4% by FY22E/23E led by improving pre-provision operating profit profile and decline in credit costs.
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