Shares of CSB Bank Ltd. rose to their highest level in nearly two months on Tuesday after it reported strong growth in Q4 advances and deposits.
The lender's gross advances grew 17.91% year-on-year to Rs 24,574 crore in the quarter ended March 2024, according to an exchange filing.
Total deposits rose 21.27% year-on-year to Rs 29,719 crore, of which the Current Account Savings Account accounted for Rs 8,084 crore, a rise of 2.51% from a year ago. Term deposits rose 30.17% to Rs 21,634 crore, the company said in its filing.
Shares of the lender rose as much as 5.10% to Rs 386.50 apiece, the highest level since Feb. 9, before paring gains to trade 4% higher at Rs 382.45 apiece as of 10:14 a.m. This compares to a 0.12% decline in the NSE Nifty 50.
The stock has risen 36.99% in the last 12 months. Total traded volume so far in the day stood at 1.07 times its 30-day average. The relative strength index was at 63.69.
Out of the nine analysts tracking the company, eight maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.1%.
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