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What the record says.
CSB Bank reported a flat PAT of 153 crores YoY for Q3 FY26, despite strong operating profit growth of 32% YoY to 292 crores and NII growth of 21% YoY to 453 crores. The bank's advances grew 29% YoY and deposits 21% YoY, outperforming industry averages. However, asset quality deteriorated with GNPA at 1.96% and NNPA at 0.67%, driven by slippages of ~197 crores, primarily in the SME segment due to global trade uncertainties. Management expects upgrades and recoveries in Q4 and Q1 FY27, aiming to bring GNPA back below 2%. NIM improved to 3.86% and is expected to stay in the 3.7-3.9% range. Cost-to-income improved to 60% but may rise next quarter due to PSLC timing. The bank is investing in technology and expects cost-to-income to decline from FY28. Key risk: sustained deposit cost pressure and potential further SME stress from tariff impacts.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects GNPA to stay below 2% and improve in Q4/Q1 FY27 through upgrades and recoveries.
- Net interest margin is expected to remain between 3.7% and 3.9%, not crossing 4%.
- Cost-to-income ratio will stay elevated around 60% for another year before declining sharply from FY28.
- Management aims to achieve ROA of 1.5% and ROE of 15% in FY27, with gradual improvement.
Risks flagged
- System-wide deposit growth lags credit growth, keeping deposit rates high and pressuring NIMs.
- Analyst raised concern about tariff-affected sectors; management acknowledged exposure but expects no further material slippages.
- Bulk deposits constitute 46-47% of total deposits, making cost of funds sensitive to liquidity changes.
- Technology costs remain elevated at 8-9% of opex, delaying cost-to-income improvement until FY28.
Key quotes
- I think this is the peak of our slippage and NPA in my view.
- Our endeavor is to have core fee income somewhere around 14 to 15% and overall fee income somewhere around 19 to 20%.
- We are not a very large bank. When you are a large bank you have to look at the systemic issues. For us a much more prudent way of looking at it is every account basis.
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