CSB Bank’s profit rises 179% to Rs 68.9 crore in second quarter
CSB Bank’s profit rose by 179.8 per cent to Rs 68.9 crore in the second quarter of the current financial year, from Rs 24.6 crore in the year-ago period. Interest income rose by 24.7 per cent to Rs 470 crore from Rs 376.9 crore a year ago. The bank reported Rs 15.6 crore Covid-19 provisions during the quarter, while other provisions grew 164.9 per cent to stand at Rs 65.2 crore.
Gross NPA decreased from Rs 401 crore as of June 30 to Rs 387 crore as of September 30. Gross NPA as percentage of advances is at 3.04 per cent as of September 30, while it was 3.51 per cent as of June 30. Net NPA decreased 16 per cent from Rs 195 crore in the June quarter to Rs 164 crore as of September 30.
CSB Bank amended terms of investment agreement with Fairfax to align with Articles of Association of bank. The Investment Agreement of October 15, 2018, was executed between the bank and FIH Mauritius Investments (FIHM) in relation to acquisition of 51 per cent in the paid-up capital of the Bank by FIHM.
As per the new amendment now, the board of directors shall consist of a maximum of 11 directors, including investor directors.
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