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Dolat Capital Report
CSB Bank reported healthy profitability metrics led by negative net slippages, strong sequential growth at 8%, and robust net interest margin at ~5.4%.
Other than normalisation of gold portfolio asset quality, continued decline in non-gold gross non-performing assets has been aiding credit costs and profits.
Operating profits were impacted by fee waivers and treasury loss, with core pre-provision operating profit/assets moderating to 2.3%.
NIM was largely stable QoQ at 5.4%, benefitting from higher loan growth and further decline in CoD.
CSB Bank continues to focus on strengthening its liability franchise led by solution oriented customer acquisition strategy and continued branch additions.
Even as year-end current account and savings account growth moderated to 10% YoY, average CASA grew by 22-23%.
We do factor in moderation in NIM hereon, but NIM should remain over 5% over the near term.
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