CSB Bank spurts as Axis Bank's Pralay Mondal joins as president

CSB Bank soared 15.14% to Rs 173.05 after the bank said its board has appointed Pralay Mondal as the organization's president (retail, SME, operations and IT).

Mondal is expected to join CSB Bank in September 2020, the private lender said in a statement today, 19 June.

Pralay Mondal has recently tendered his resignation from his current position a executive director and head of retail banking at Axis Bank. Before joining Axis Bank, Mondal was the senior group president and head of retail and business banking at Yes Bank. Prior to that he had a 12 years' stint at HDFC Bank and was earlier associated with Standard Chartered Bank, Wipro InfoTech and Colgate Palmolive.

 

In last one week, the stock has surged 28.3% as against 1.58% rise in Nifty Bank index.

CSB Bank reported a net loss of Rs 59.68 crore in Q4 FY20, significantly lower than the net loss of Rs 150.64 crore reported in Q4 FY19. Total income rose 18.9% to Rs 475.49 crore in Q4 March 2020 from Rs 399.87 crore in Q4 March 2019. The bank also made a tax provision of Rs 82.35 crore in the recent quarter.

On the asset quality front, Gross non-performing assets (NPAs) stood at Rs 409.43 crore as on 31 March 2020 as against Rs 352.63 crore as on 31 December 2019 and Rs 530.62 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 3.54% as on 31 March 2020 as against 3.22% as on 31 December 2019 and 4.87% as on 31 March 2019. The ratio of net NPAs to net advances stood at 1.91% as on 31 March 2020 as against 1.98% as on 31 December 2019 and 2.27% as on 31 March 2019. Provisions and contingencies declined 55.7% to Rs 84.32 crore in Q4 March 2020 from Rs 190.55 crore in Q4 March 2019.

CSB Bank is an Indian private sector bank with its headquarters at Kerala. As on 31 March 2020, the bank had a network of 411 branches (excluding three service branches and three asset recovery branches) and 300 ATMs spread across the country.

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