CSB Bank Shares Surge After Strong Q3 Business Update

CSB Bank Ltd.'s shares rose as over 6% on Thursday after the bank posted a robust business update with its deposits growing 22.17% on year-on-year basis.

In total deposits, the bank's term deposits grew by 28.10%, from Rs 19,802 crore in December 2023 to Rs 25,365 crore in December 2024. The company's Advances against Gold & Gold Jewellery. (Excluding receivables secured against gold) also grew by 36.28% , from Rs 9,554 crore to Rs 13,018 crore on year-on-year basis.

In its latest business update the company also declared its gross advance that rose by 26.54% on an yearly basis with the latest data showing Rs 28,914 crore in gross advance as compared to Rs 22,867 crore in Decmber 2023.

CSB Bank began operations in November 1920 and is currently owns the title of the oldest private sector bank in Kerala. The Bank presently operates 802 branches and 771 ATMs nationwide, as per its official website.

The Bank successfully completed its Initial Public Offering to the tune of Rs. 409.67 crore and its shares were listed on Indian stock exchanges on December 4, 2019. Since its listing the stock has risen 9% on National Stock Exchange.

The scrip rose as much as 6.66% to Rs 334.90 apiece. It pared gains to trade 3.85% lower at Rs Rs 326.10 apiece, as of 10:15 a.m.

It has fallen 21.74% in the last 12 months. Total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 57.

Out of six analysts tracking the company all six maintain a 'buy' rating according to Bloomberg data. The average 12-month consensus price target implies an upside of 24.4%