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CSB Bank plans to open 101 branches

The CSB Bank is planning to open 101 branches, which will focus on mobilising CASA deposits and sourcing gold loans, across the country before September-end 2020. according to

The CASA (current account, savings account) ratio of the Thrissur (Kerala)-headquartered bank, which got listed on the bourse last December, improved from 27.84 per cent of total deposits in FY19 to 29.17 per cent at the end of FY20.

“In order to grab additional market share/business opportunities, we have opened 10 new branches in FY20 and have plans to open over 100 CASA/Gold centric branches across the country shortly,” C V R Rajendran, CSB Bank’s MD & CEO, said in his review on the annual report.

Of the 100-year-old bank’s 411 branches, 90 per cent are in four states — Kerala, Tamilnadu, Karnataka and Maharashtra.

CBS Bank said that the opening of new branches will in turn generate further staff recruitments. It recruited 866 employees in FY2020.

Gold loans

According to the report, gold ornaments form the key household buffer. This will ensure a steady demand for gold loans, which is the key driver of advance growth for the bank.

Gold loans accounted for 31 per cent of the bank’s total advances portfolio of Rs 12,240 crore as at March-end 2020.

In FY20, the bank’s gold loan portfolio increased 28 per cent year-on-year (yoy) to Rs 3,799 crore.

NRI vertical

As per the report, CSB Bank is planning to set up an Non-Resident Indian (NRI) vertical to sharpen Non-Resident External (NRE) deposit focus.

Total NRI deposits accounted for nearly 25 per cent of the Bank’s aggregate deposits of Rs 15,790.68 crore as at March-end 2020.6.27

Referring to the two-wheeler business vertical, which was established in 2018, registering a 265 per cent growth, Rajendran said, “They (the vertical) were concentrating on Kerala and are now poised to spread wings in other states which will add to the business and revenue.”

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