Coming up in Feb: CSB’s IPO

By: | Published: January 20, 2015 2:36 AM

Kerala-based Catholic Syrian Bank (CSB) is planning to go public with an IPO in February, said sources in the bank.

Kerala-based Catholic Syrian Bank (CSB) is planning to go public with an IPO in February, said sources in the bank.  CSB plans to file a draft prospectus with Sebi and stock exchanges soon. However, the resignation of Rakesh Bhatia, the managing director and CEO of the bank, last week could delay the process.

CSB had reported a net profit of Rs 26.9 crore in the last fiscal (FY14) with total business touching Rs 22,381 crore. Deposits of the bank grew to Rs 13,673 crore in 2013-14 from Rs 12,341 crore in 2012-13. Bank was cautious in lending with focus on SME loans, said sources. Advances declined marginally to Rs 8,707 crore in the last fiscal. The number of branches had gone up to 430 and ATMs number 233.

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