CSB Net Up 25% To Rs 57 Cr

Thrissur, April 27 | Updated: Apr 28 2004, 05:30am hrs
Thrissur-based Catholic Syrian Bank (CSB) has posted a record net profit of Rs 56.5 crore for the last fiscal, a 25.1 per cent jump compared to the previous years Rs 45.2 crore and has recommended a dividend of over 20 per cent given over the last few years.

Bank chairman and CEO NR Achan told mediapersons that the bank which was the first Kerala-based bank to announce its results had a total business of Rs 5,778 crore, surpassing the target of Rs 5,000 crore and its capital to risk assets ratio (CRAR) was up to 11.2 per cent compared to 10.3 per cent. The bank also had a Rs 374.3 crore growth in deposits from Rs 3,506.2 crore, while its net advances grew by 29.1 per cent to Rs 1,898.2 crore. A sizable part was in the housing, textile and retail sectors.

The bank had succeeded in bringing down its net NPA level to 4.6 per cent from a high of 7.9 per cent and would be further down to below two per cent next year. However, the bank was aiming at a zero NPA level, Mr Achan added. The operating profit was up to Rs 123.4 crore and a provision of Rs 48.6 crore had been made towards NPAs.

Even in this period of low interest regime, the bank saw a 29.6 per cent growth in its savings bank portfolio and its average cost of deposit was down to 6.4 per cent from 7.6 the previous year. The net interest income was up to Rs 122.2 crore in contrast to the previous years Rs 89.4 crore. The dependence on treasury operations was less now, he said.

The current spread was around 2.9 per cent and the profit per employee was 1.9 lakh compared to 1.6 lakh the previous year. The return on assets had improved to 1.3 per cent from 1.2 per cent.

The bank had opened 13 new branches and through its tie-up with Birla Sun Life, had an annualised premium of Rs 4.5 crore.