Catholic Bank turns profitable; eyes IPO

CSB unlisted shares
CSB pre-IPO unlisted shares in demand

Kerala-based Catholic Syrian Bank (CSB) has reported a net profit of Rs 53 crore for the past six months ended September 2017 as against a loss of Rs 40.5 crore a year ago driven by treasury profit and increase in operational efficiency. The bank’s total income rose to Rs 835  crore, from Rs 814 crore a year ago.

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NPAs dropped to Rs 462.7 crore, from Rs 503.6 crore a year ago. In percentage terms, NPAs dropped to 5.7 per cent from 5.76 per cent of total assets. Net NPAs dropped to Rs 330.6 crore, from Rs 405.5 crore a year ago. In percentage terms, bad loans were 4.14 per cent of total loans compared to 4.69 per cent a year ago.

The bank is one of India’s oldest private sector banks, with its headquarters in Thrissur district. For over nine decades, the bank has remained a neighbourhood lender. The company has a strong base in Kerala. It also has significant presence in Tamil Nadu, Karnataka, and Maharashtra. The bank is a full service bank offering Neighborhood Banking, NRI Services, SME and Wholesale banking services through it’s 430 branches and 240 ATMs across the country.

Some of the well known shareholders of Catholic Syrian Bank include LuLu Group MD Yusuffali M.A., Federal Bank, Bridge India Fund, and Edelweiss Finance and Investments. 

Key focus areas of the bank are small and medium enterprises, retail clients, and non-resident Indians (NRIs). It has a strong deposit book as most of its NRI customers and expatriates in the Gulf send money home through bank’s network.

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