India's CSB Bank jumps as profit rises, asset quality improves

CSB Bank

19/01/2021 05:09

** Shares of private-sector lender  CSBB.NS , majority owned
by Fairfax Financial Holdings  FFH.TO , rise as much as 5.3% to
243.7 rupees, highest since Dec. 2
    ** CSB reports 88.5% jump in Dec-qtr net profit to 530.5 mln
rupees ($7.25 mln), boosted by higher interest income
 urn:newsml:reuters.com:*:nFWN2JT0PW
    ** Advances grew https://www.bseindia.com/xml-data/corpfiling/AttachLive/50bdb632-e8bc-4f03-ba79-ac18d90cefe5.pdf
 22%, due to gold loan growth of 61%
    ** Will also focus on building retail deposit base during
current qtr - CEO CVR Rajendran
    ** Gross bad loans as a pct of total loans, a measure of
asset quality, fell to 1.77% from 3.04% in the previous qtr
    ** Stock marks sharpest intraday pct jump since Jan. 7;
around 1.7 mln shares change hands by 0458 GMT, vs 30-avg of
493,341 shares
    ** CSB up 6.2% YTD up to last close, vs a 0.9% rise in the
Nifty Private Bank Index  .NIFPVTBNK ; CSB rose 0.7% in 2020,
while the private bank index fell 2.9%

($1 = 73.1500 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))