After years of losses, CSB Bank back in black

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Published: June 16, 2020 8:36 AM

The Kerala-based lender reported a net loss of Rs 59.69 crore for the fourth quarter ended March 31 against a loss of Rs 150.64 crore in the year-ago period.

CSB Bank, net interest income,  CVR Rajendran, latest news on CSB bank“FY20 has been a landmark year as we got listed and have come back to profitability after many years of continuous losses, MD & CEO CVR Rajendran said.

CSB Bank on Monday reported a net profit of Rs 12.72 crore for FY20, thereby breaking a streak of continuous losses, bank sources said. It had reported a net loss of Rs 197.42 crore in FY19.

The Kerala-based lender reported a net loss of Rs 59.69 crore for the fourth quarter ended March 31 against a loss of Rs 150.64 crore in the year-ago period.

Operating profit for FY20 stands at a record of Rs 281 crore against Rs 13 crore in FY19. In FY20, the bank earned net interest income (NII) of Rs 592 crore against Rs 440 crore, a growth of Rs 152 crore or 35%. Net interest margin (NIM) improved to 3.2% from 2.5%. NII income witnessed a growth of 63% and stood at Rs 222 crore against Rs 136 crore for the same period last year.

“FY20 has been a landmark year as we got listed and have come back to profitability after many years of continuous losses, MD & CEO CVR Rajendran said.

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