CSB Bank’s gold loan portfolio grows 60% in Q3

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The lender had reported a 180% year-over-year increase in its second quarter net profit to Rs 68.9 crore thanks to higher interest income.

CSB Bank’s gold loan portfolio grew 60.36% year-on-year in the third quarter to Rs 5,633.75 crore, the lender said in a regulatory filing. Sequentially, the gold loan portfolio grew 14% from Rs 4,938.98 crore in the second quarter of the current fiscal year.

Gross advances from the Thrissur-based lender rose 22.64% year-on-year to Rs 13,425.24 crore in the third quarter from Rs 12,761.80 crore in the second quarter. Total deposits increased by
16.48% yoy to touch Rs 17,752.97 crore in the third quarter.

The CSB previously reported that its gold loan portfolio grew by Rs 1,100 crore in the second quarter, an increase of 30% qoq and 47% year-on-year. The RBI’s relaxation on LTV standards has helped the bank increase its portfolio of gold loans.

The lender had reported a 180% year-over-year increase in its second quarter net income to Rs 68.9 crore thanks to higher interest income.

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