CSB Bank shares soar over 6.5% to 4-month high after gross advance, total deposits rise in Q3
Following the positive Q3FY25 business update, CSB Bank's shares opened today’s trading session higher at ₹330 apiece, compared to the previous closing price of ₹314. The shares subsequently rallied to reach a four-month high of ₹334.90 apiece.
Shares of CSB Bank surged 6.65% to ₹334.90 apiece during the early trading session on Thursday, January 2, following the release of the bank's Q3FY25 business update. In an exchange filing on Wednesday, the private sector lender reported healthy growth in deposits and advances.
The bank's gross advance reached ₹28,914 crore in Q3FY25, a notable increase of 26.45% from ₹22,867 crore in Q3FY24. Additionally, the total deposits grew by 22.17% year-over-year (YoY) to ₹33,406 crore in Q3FY25.
The Current Account and Savings Account (CASA) deposits stood at ₹8,041 crore, marking a 5.69% increase from ₹7,543 crore in the same period last year. The term deposits for the quarter amounted to ₹25,365 crore, an improvement of 28.10% compared to ₹19,802 crore reported in the corresponding period of the previous year.
The bank also reported that its gold loan business expanded by 36.28% in Q3FY24 to ₹13,018 crore, compared to ₹9,553 crore in the same quarter last year.
Following the positive Q3FY25 business update, the bank's shares opened today’s trading session higher at ₹330 apiece, compared to the previous closing price of ₹314. The shares subsequently rallied to reach a four-month high of ₹334.90 apiece.
CSB Bank, one of the oldest private sector banks in India with a history spanning over 100 years, is undergoing strategic changes to operate efficiently as a full-service, new-age private sector bank. While the bank has a strong base in Kerala, it also has a significant presence in Tamil Nadu, Maharashtra, Karnataka, and Andhra Pradesh. Its customer base of 2.2 million primarily includes SME, retail, and NRI customers.
Stock drops a quarter of its value in 2024
The stock ended the previous calendar year on a weak note, losing 25% of its value during the year. Over the long term, the stock has delivered a return of 50% over the past five years, significantly underperforming the Sensex, which has gained 90% during the same period.
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