Shares of CSB Bank Ltd surged 7% on 2 July after the company shared a business update for the April-June quarter, highlighting strong growth in total deposits and gross advances. 

In its Q1FY25 business update, the company said that the total deposits during the quarter marked a 22.2% year-on-year increase to Rs 29,920 crore from Rs 24,476 crore reported in the same quarter last year, while it grew 0.6% quarter-on-quarter. 

The gross advances during the quarter stood at Rs 25,099 crore, marking a 17.7% YoY growth from Rs 21,307 crore and a 2.15 QoQ increase from Rs 24,572 crore. 

In its quarterly earnings for January-March, CSB Bank reported a 3.1% YoY decrease in net profit, amounting to Rs 151.5 crore for the fourth quarter that ended on 31 March, 2024. whereas in the corresponding quarter of FY23, the bank posted a net profit of Rs 156.4 crore. 

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose by 11% to Rs 387 crore, compared to Rs 349 crore in Q4 FY23.

The gross non-performing assets (GNPAs) stood at 1.47% in the fourth quarter, up from 1.22% in the third quarter of FY24. Net NPAs increased to 0.51% from 0.31% QoQ. In monetary terms, gross NPAs were Rs 361 crore, up from Rs 278.7 crore in the December quarter (Q3FY24). Meanwhile, net NPAs in Q4 were Rs 124.9 crore, down from Rs 702.3 crore in Q3FY24.

At 2:14 pm, the shares of CSB Bank were trading 1.67% higher at Rs 381.50 on NSE.