CSB Bank, Karnataka Bank report strong loan growth in Q3; details here

Strong credit growth was seen in the CSB Bank and Karnataka Bank for the quarter ended 31 December 2022. Karnataka Bank saw a 12.4 percent year-on-year (YoY) loan growth to Rs 63,659 crore. Karnataka Bank saw its deposits increase by 7.9 percent to Rs 84,593 crore. The lender saw a 10 percent rise in the current account, savings account (CASA) deposits to Rs 26,992 crore, as per a report in the Financial Express. The bank’s CASA ratio improved 61 basis points (bps) to 31.91 percent. The NII of Karnataka Bank grew 26 percent in Q2FY23 to Rs 803 crore. Its net profit soared 127 percent to an all-time high of Rs 525.5 crore. On the other hand, a 25.7 percent growth in credit was registered by the CSB Bank, taking its total to Rs 18,643.3 crore. CSB Bank’s deposit rate rose 19 percent YoY to Rs 22,664 crore in Q3 FY23. The CASA deposits of the lender increased 8.2 percent to Rs 7,125.7 crore while its term deposits jumped 25 percent to Rs 15,538.3 crore. The net interest income (NII) of CSB Bank was Rs 324.97 crore in Q2 FY23, higher by 17 percent. The lender saw a growth of 2 percent in its net profit to Rs 120.6 crore in the previous quarter. The non-food credit advanced by the banking sector rose 17.9 percent. On the other hand, the total deposits increased 9.8 percent for the fortnight ended 2 December. This data was revealed by the Reserve Bank of India (RBI). Catholic Syrian Bank Limited (now known as CSB Bank) was established in 1920. The bank is presently the oldest private sector bank in Kerala. The lender rebranded itself in 2019 by changing its name from The Catholic Syrian Bank Limited to “CSB Bank Limited”. This was done “to address the region and community related perceptual issues associated” with the previous brand name, as per the lender’s website. Karnataka Bank was incorporated on 18 February, 1924 at Mangalore, a coastal town of Dakshina Kannada district. According to the lender’s official website, it is a leading “A” Class Scheduled Commercial Bank (SCB) in India. The bank currently has over 10.21 million customers, 8,220 employees, and 1,46,000 shareholders. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.