CSB clocks 70 per cent jump in net to Rs 11 crore

Our Bureau

Kochi, May 22: THE Kerala-based Catholic Syrian Bank (CSB) has recorded a 69.68 per cent jump in net profit from Rs 6.63 crore to Rs 11.25 crore for the year ended 2000-01. Gross profit rose by 90.48 per cent from Rs 25.55 crore to Rs 48.67 crore.
A bank statement said deposits grew by Rs 318 crore to reach Rs 2,775 crore and advances by Rs 231 crore to Rs 1,431 crore. As on March 31, 2001, the bank’s investment portfolio stood at Rs 1,097 crore, as against Rs 995 crore the previous year. The cost of deposit went down to 8.72 per cent from 9.34 owing to low cost deposits and interest rate revision according to market trends. The per employee profit increased to 76 per cent and return on assets, increased by 52 per cent. The interest income from loans and advances increased during the year.

The bank succeeded in bringing down its net non performing assets (NPA) level to less than 10 per cent. The bank would focus on retailing of financial products like mutual funds and insurance. As part of its business expansion plans, CSB is in the process of forming tie-ups with leading financial organisations and other institutions.