CSB Bank’s gold loan portfolio grows 60% in Q3

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January 5, 2021 2:15 AM

The gold loan portfolio of CSB Bank increased by 60.36% year-on-year during the third quarter to touch Rs 5,633.75 crore, the lender said in a regulatory filing.

The lender had reported a 180% year-on-year increase in its second quarter net profit to Rs 68.9 crore on the back of higher interest income.

The gold loan portfolio of CSB Bank increased by 60.36% year-on-year during the third quarter to touch Rs 5,633.75 crore, the lender said in a regulatory filing. Sequentially, the gold loan portfolio grew 14%, from Rs 4,938.98 crore in the second quarter of the current fiscal.

The Thrissur based lender’s gross advances rose 22.64% year-on-year to Rs 13,425.24 crore in Q3, compared with Rs 12,761.80 crores in Q2. Total deposits increased by
16.48% YoY to touch Rs 17,752.97 crore during the third quarter.

CSB earlier reported that its gold loan portfolio grew by Rs 1,100 crore in the second quarter, an increase of 30% quarter-on-quarter and 47% year-on-year. RBI’s relaxation on LTV norms has helped the bank increase its gold loan portfolio.

The lender had reported a 180% year-on-year increase in its second quarter net profit to Rs 68.9 crore on the back of higher interest income.

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