CSB Bank's share price surged by 5.46% on Wednesday following the release of a robust business update for March. The bank reported year-on-year growth in both total deposits and gross advances, which has bolstered investor confidence and driven the stock price higher.
According to the latest update, CSB Bank's total deposits grew by 24% to Rs 36,861 crore, compared to Rs 29,719 crore in the same period last year.
This growth in deposits reflects the bank's strong customer base and effective deposit mobilisation strategies.
The bank's gross advances saw a substantial increase of 29.6%, reaching Rs 31,843 crore, up from Rs 24,572 crore year-on-year.
This growth in advances indicates a healthy demand for loans and the bank's ability to meet this demand effectively.
CSB Bank is a private sector bank in India established in 1920, headquartered in Thrissur, Kerala. The bank offers a wide range of banking and financial services, including retail banking, SME banking, corporate banking, and treasury operations. The bank has a network of over 800 branches and 770 ATMs across the country.
The scrip rose as much as 5.46% to Rs 317.65 apiece. It pared gains to trade 2.21% higher at Rs 307.85 apiece, as of 09:55 a.m. This compares to a 0.20% advance in the NSE Nifty 50 index.
It has fallen 18.79% in the last 12 months. Total traded volume so far in the day stood at 17 times its 30-day average. The relative strength index was at 62.
Six analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.5%.
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