New Delhi, CSB Bank on Monday reported a 14 per cent decline in the June quarter net profit at Rs 113 crore due to an increase in bad loans. The private sector lender had earned a net profit of Rs 132 crore in the year-ago period.
However, total income increased to Rs 1,004 crore from Rs 803 crore a year ago, CSB Bank said in a regulatory filing.
Interest income grew to Rs 832 crore during the period under review, from Rs 683 crore a year ago.
The bank’s asset quality worsened as Gross Non-Performing Assets (NPAs) rose to 1.69 per cent of gross advances as of June 30, 2024, from 1.27 per cent at the end of the first quarter of the previous fiscal.
Net NPAs also increased to 0.68 per cent of the advances, from 0.32 per cent at the end of the first quarter last year.
As a result, provisions and contingencies increased to Rs 20 crore from Rs 5 crore earmarked during the same quarter a year ago.
The capital adequacy ratio of the bank improved to 23.61 per cent, as compared to 25.99 per cent on June 30, 2023.
