scorecardresearchCSB Bank soars over 8% on strong credit growth for December quarter

CSB Bank soars over 8% on strong credit growth for December quarter

Updated: 03 Jan 2023, 12:12 PM IST
TL;DR.
  • In the December quarter, gross advances grew by 25.74 percent compared to the same period in the previous year, while total deposits increased by almost 19 percent.
CSB Bank's weekly average delivery volume is 38.5%.

CSB Bank's weekly average delivery volume is 38.5%.

Shares of CSB Bank Ltd soared over 8 percent on Tuesday after the private sector lender reported robust credit growth for the three months ending December 31.

At 9:15 IST, the stock was trading at 255 per share, up 4.77 percent. It continued its upward trend and stood with a gain of 6.35 percent at 9:30 IST.

In the December quarter, gross advances grew by 25.74 percent compared to the same period in the previous year, while total deposits increased by almost 19 percent. Advances against gold and gold jewellery jumped by 50.8 percent to 8,772 crore, during the quarter.

Sequentially, advances against gold and gold jewellery grew by 9.3 percent, total deposits were up nearly 8 percent and gross advances grew by 5.6 percent.

Under total deposits, for the quarter that ended in December, current and savings accounts (CASA) expanded by 8.2 percent on year, while term deposits increased by 24.62 percent.

Article
CSB Bank - 1 year performance of the stock

In today's trading session, the stock was trading at high volume of 4.9 million.  

"The stock price has seen a strong positive traction backed by huge volumes. Further, upside can be expected towards 280 level, and 245 level is the support for the stock," said Rajesh Bhosale - equity technical and derivative analyst, Angel One.

The stock has gained 45.96 percent from 52-week low of 178.0 recorded on June 20, 2022. The stock's weekly average delivery volume is 38.5 percent.

However, the stock price has underperformed its sector by 10.14 percent in the past year.

Article
Picking the right stocks is the most important part of becoming a successful investor
First Published: 03 Jan 2023, 12:12 PM IST