CSB Bank’s profit rose by 179.8 per cent to Rs 68.9 crore in the second quarter of the current financial year, from Rs 24.6 crore in the year-ago period. Interest income rose by 24.7 per cent to Rs 470 crore from Rs 376.9 crore a year ago. The bank reported Rs 15.6 crore Covid-19 provisions during the quarter, while other provisions grew 164.9 per cent to stand at Rs 65.2 crore.
Gross NPA decreased from Rs 401 crore as of June 30 to Rs 387 crore as of September 30. Gross NPA as percentage of advances is at 3.04 per cent as of September 30, while it was 3.51 per cent as of June 30. Net NPA decreased 16 per cent from Rs 195 crore in the June quarter to Rs 164 crore as of September 30.
CSB Bank amended terms of investment agreement with Fairfax to align with Articles of Association of bank. The Investment Agreement of October 15, 2018, was executed between the bank and FIH Mauritius Investments (FIHM) in relation to acquisition of 51 per cent in the paid-up capital of the Bank by FIHM.
As per the new amendment now, the board of directors shall consist of a maximum of 11 directors, including investor directors.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.