CSB Bank Q1 profit up 5% despite NIM fall, provisions surge
CSB Bank
reported about 5% rise in first quarter net profit at Rs 118.6 crore as compared with Rs 113.3 crore in the year ago period, while the bank's provisions and contingencies rose three-fold.
The profit stood at Rs 190.4 crore in the fourth quarter last fiscal.
Finance
Value and Valuation Masterclass - Batch 4
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
Finance
Value and Valuation Masterclass - Batch 3
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals
By Vaibhav Sisinity
View Program
Finance
Value and Valuation Masterclass - Batch 2
By CA Himanshu Jain
View Program
Finance
Value and Valuation Masterclass Batch-1
By CA Himanshu Jain
View Program
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Search results for - send sms using
Search Now
Undo
Its operating profit for the quarter stood 27% higher year-on-year at Rs 220 crore agaist Rs 173 crore earlier, buoyed by a 42% rise in other income at Rs 245 crore. Its net interest income rose by a modest 5% at Rs 379 crore.
The Fairfax-backed bank's net interest margin fell to 3.54% for the three-month period as compared with 4.36% in the year ago period.
"I believe the NIM has bottomed out. There could be another rate cut by the Reserve Bank of India, but NIM is unlikely to go below 3.5%," bank managing director and chief executiv officer Pralay Mondal told ET.
Live Events
The bank's provision to cover bad loans rose 179% at Rs 57 crore in sync with a rise in gross non-performing assets ratio to 1.84% at the end of June from 1.69% a year back. Net NPA stood at 0.66% against 0.68% earlier. It saw higher slippges in the June quarter at Rs 136 crore against Rs 103 crore earlier.
"Though the elevated costs primarily driven by technology implementation and slightly higher slippages put some pressure on the bottom line, we are expecting better numbers in the next two quarters," Mondal said.
Its net advances grew by 31% year-on-year to Rs 24,844 crore while total deposits rose 20% to Rs 35,935 crore.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
8 minutes ago
- Time of India
Jensen Huang sells $40 million of Nvidia shares under this trading plan he adopted in March: What is it
Nvidia CEO Jensen Huang has sold 201,404 company shares this week. According to a Form 4 filing with the Securities and Exchange Commission (SEC), the transactions were made on August 11, 12 and 13, under a prearranged 10b5-1 trading plan that he adopted in March earlier this year. The shares were sold at price ranging from $180.026 to $183.6417, resulting in total proceeds of $40,959,534. These transactions, as per a report, came as Nvidia's stock trades close to its 52-week high of $184.48. The chipmaker has reported revenue growth of 86% over the past 12 months. Post these transactions, Huang still owns 72,998,225 shares. What is 10b5-1 trading plan under which Nvidia CEO sold shares Rule 10b5-1 is a regulation from the US SEC that lets insiders at public companies set up a plan to sell their shares ahead of time. Under this rule, major shareholders can schedule the sale of a fixed number of shares at a set time, helping them avoid accusations of insider trading. Many company executives use 10b5-1 plans for this reason. The rule was introduced to clarify Rule 10b-5, part of the Securities Exchange Act of 1934, which is the main law used to investigate securities fraud. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mystical Forest Vase: Hot Sale topgadgetlife Shop Now Undo How much shares Nvidia CEO Jensen Huang now owns After the latest sell-off, Jensen Huang now owns 72,998,225 shares of Nvidia common stock. As per the report, he also indirectly owns significant stakes through various trusts, partnerships and limited liability companies. These include 582,503,470 shares held by the Jensen & Lori Huang Living Trust, 49,489,560 shares held by J. and L. Huang Investments, L.P., and other holdings through irrevocable trusts and limited liability companies. On August 11, Huang sold 3,995 shares at an average price of $180.97, 12,903 shares at $181.97, 46,436 shares at $182.90, and 11,666 shares at $183.52. The next day, August 12, he sold 3,952 shares at $180.05, 16,093 shares at $181.01, 29,095 shares at $182.10, and 25,860 shares at $182.82. The sales ended on August 13, with 14,148 shares sold at $180.03, 26,758 shares at $180.97, 20,553 shares at $181.70, 9,958 shares at $182.95, and 3,583 shares at $183.64. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
44 minutes ago
- Time of India
How Elon Musk may be right when he told Mark Zuckerberg: Many top engineers of Meta are joining my AI company xAI, and I am paying them …
recently claimed that many top engineers from Meta are now joining his AI company, xAI, asserting that his startup is winning the talent war not with 'insanely high' salaries but with a "hyper merit-based" culture. Tired of too many ads? go ad free now This claim appears to be backed by a recent report which indicates a significant talent migration from major tech firms to Musk's AI company. According to a report by The Information, xAI has successfully recruited at least 40 former Google employees since 2023 – essentially supporting Musk's argument of influx of talent from technology giants. Citing LinkedIn and X posts and profiles from xAI employees, the report claims that out of the 40 hires from Google, a notable 19 of those engineers and researchers joined xAI this year alone. Not only Meta and Google, xAI is reported to have hired AI talent from Microsoft. What Elon Musk said on Meta engineers joining xAI Recently, Musk said that a significant number of engineers from Meta are now joining xAI, crediting this appeal to xAI's 'hyper merit-based' culture, where outstanding performance is directly tied to a substantial increase in compensation. Additionally, he highlights the company's 'vastly more market cap growth potential than Meta.' 'Many strong Meta engineers have and are joining xAI and without the need for insane initial comp,' Musk wrote on X, explaining that xAI offers competitive, yet sustainable, compensation and a high-potential alternative to tech giants. The Information's report said that this movement of top-tier talent is central to the development of Grok 4 , a new AI model that Musk claims outperforms similar models from rivals like OpenAI, Meta and Google. Tired of too many ads? go ad free now 'Few employees leaving xAI for other companies ' While a few employees have left xAI for other companies, such as co-founder Kyle Kosic who moved to OpenAI, and infrastructure engineering head Uday Rudarraju , there hasn't been a significant outflow of talent to Google, Microsoft or Meta. Recently, Igor Babuschkin, co-founder of xAI, announced his resignation in a long post shared on X (formerly known as Twitter). Babuschkin talked about his journey from being a physics student to becoming a co-founder and building xAI. He described the experience as 'the most exhilarating time of our lives,' likening his departure to 'a proud parent driving away after sending their kid to college'. He also revealed his early days at xAI were not easy as starting an AI company from scratch required a lot of hard work. xAI is well-known for its demanding work environment, with some teams reportedly working seven days a week, The Information report said. While such an intense pace could lead to burnout for some, many employees are highly motivated by the company's ambitious mission and are eager to contribute to its goals, embracing the rigorous schedule as part of the startup culture. Lava Blaze AMOLED 2: Budget Smartphone with Mid-Range Vibes
Time of India
an hour ago
- Time of India
What's 'not hot' in tech jobs: Economist at America's largest jobs website tells tech roles to avoid
Once considered a booming sector, the technology industry is not facing a significant shift with increasing number of layoffs and hiring freezes. Now America's largest jobs website Indeed has issued a cautionary advice: not all tech roles are created equal in today's job market. Indeed has shared a dramatic downturn in tech job listings. In a recent study, the website highlight that while roles in artificial intelligence and machine learning remain in high demand, many traditional and entry-level positions are facing a cooling market. Brendon Bernard, a senior economist at Indeed suggests that multiple tech positions are losing steam and he asked the job seekers to reconsider their career strategies. The warning comes at a time when companies are prioritising efficiency, automation, and AI integration over traditional development-heavy roles. Job roles on the decline The job seeking website has flagged the position which are 'not hot' the positions include: Front-End Web Developers: With the rise of low-code platforms and design templates, demand for basic front-end skills is waning. QA Testers: Automated testing tools and AI-driven quality assurance are replacing manual testing roles. IT Support Specialists: Cloud-based systems and self-service troubleshooting have reduced the need for in-house support teams. Blockchain Developers: After the crypto crash and regulatory scrutiny, blockchain roles have seen a steep decline in demand. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mystical Forest Vase: Hot Sale topgadgetlife Shop Now Undo Reason for the shift in the tech sector Bernard also pointed out the different factors responsible for driving this change. He feels that AI and automation are easily streaming the tasks which were earlier handled by a large team. On the other hand, remote work has also altered the infrastructure needs and has also reduced the demand for traditional IT roles. Moreover, economic pressures are also forcing the tech companies to move towards selective hiring and favour the roles that contribute more to the revenue or innovation. "While there isn't a smoking gun linking AI to the plunge, automation trends could be a reason the weakness persists," said Brendon Bernard. Job roles that are still hot While some of the tech job roles are cooling off, there are still some roles that are high in demand. The jobs roles for AI/ML Engineers, Cybersecurity Analysts, Cloud Architects and Data Scientists are very much in demand. These job roles completely alignwith the company's idea of intelligent systems, data-driven decision-making, and security-first architectures. Largest declines vs largest increases in tech job postings Largest Declines % Change Largest Increases % Change Web Developer –72% SAP Lead +356% .NET Developer –68% AI/ML Engineer +334% Java Developer –68% Oracle HCM Manager +263% Front-End Developer –67% Data Center Technician +144% iOS Developer –62% SAP Consultant +98% User Experience Designer –61% Oracle Consultant +67% Programmer Analyst –58% Staff Software Engineer +60% Quality Assurance Engineer –57% Machine Learning Engineer +59% Senior Java Developer –55% Technology Lead +51% Software Test Engineer –53% Platform Engineer +43% AI Masterclass for Students. Upskill Young Ones Today!– Join Now
