Private sector lender CSB Bank on Friday reported a 3% decline in its net profit to Rs 151 crore for the fourth quarter ended March 2024, mainly due to a rise in bad loans.
The Kerala-based lender had earned a net profit of Rs 156 crore in the year-ago period.
During the quarter, the bank's total income increased to Rs 991 crore against Rs 762 crore a year ago, CSB Bank said in a regulatory filing.
The interest income grew to Rs 795 crore during the period under review from Rs 636 crore in the corresponding quarter a year ago.
On the asset quality side, the bank's gross non-performing assets rose to 1.47% of gross advances as of March 31, 2024, from 1.26% at the end of March 2023.
Net NPAs also rose to 0.51% of the advances from 0.35% at the end of 2024.
As a result, provisions for bad loans rose significantly to Rs 29 crore compared to Rs 3 crore in the same quarter a year ago.
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