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Motilal Oswal Report
CSB Bank released its quarterly business update highlighting the Q3 FY22 trends. Overall, the bank reported modest business trends on both the loan and deposit fronts. The key updates are provided below:
Gross advances rose 3.8% QoQ (~up 12% YoY) to Rs 148 billion, lower than some of its peers such as Federal Bank Ltd. (up 4.6% QoQ), due to a muted ~2% QoQ growth (2% YoY decline) in its gold loan book. Growth in gross advances, excluding gold loans, was strong at 5% QoQ/21.3% YoY. The share of gold loans in the total mix declined ~72 basis points QoQ to 37.4%.
CSB Bank's deposits grew 7.3% YoY (flat QoQ) to Rs 191 billion driven by strong traction in current accounts and savings account deposits, which rose 6% QoQ (up 22% YoY) while term deposits declined 3% QoQ (flat YoY). Consequently, CASA ratio improved ~200 bps QoQ to ~34.6%.
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