Domestic equity benchmarks turned green in the intraday trade after opening in the red territory on Tuesday amid mixed sentiment in global markets. The Nifty Bank index was trading 128 points or 0.25% higher on Tuesday at 43,317 levels.
Here are 3 bank stocks that gained more than 5 percent on Tuesday after they announced strong growth in their Q3 results:
CSB BankLimited
The shares of CSB Bank opened rallied by more than 7 percent to reach an intra-day high of Rs 264.20 against its previous close of Rs 243.40. The stock rallied after it posted strong credit growth for the three months that ended December 31st.
CSB Bank’s net interest income (NII) stood at Rs 324.97 crore, higher by 17%. The lender reported an increase of 2% in its net profit to Rs 120.6 crore in the previous quarter.
The bank saw a 25.7% growth in credit to Rs 18,643.3 crore in the period. In addition to that, their deposit also increased by 19% Year on Year to Rs 22,664 crore in Q3FY23. Their CASA deposit grew by 8.2% to Rs Rs 7,125.7 crore and term deposits grew by 25% to Rs 15,538.3 crore.
CSB Bank Limited is an Indian private-sector bank that provides financial services to SME, retail, and NRI customers. Currently, the bank has 609 branches and 468 ATMs spread across 18 states, and 2 union territories.
South Indian Bank Limited
The bank scrip gained approximately 8 percent from its previous closing price of Rs 19.25 to reach a new high of Rs 21.20 in the early hours. The scrip soared after it announced strong results in the third quarter of FY23.
The total income of the bank rose 10.62% year on year to Rs 1,995.24 crore in Q2 FY23. It reported a net profit of Rs 223.10 crore in Q2 FY23 as against a net loss of Rs 187.06 crore in Q2 FY22.
The bank recorded an a18% YoY growth in gross advances to Rs 70,168 crore and a 3% increase in its total deposits to Rs 90,714 crore. Their CASA ratio improved by 189 basis points to 33.84%.
South Indian Bank provides retail and corporate banking, para-banking activities such as debit cards, and third-party financial product distribution, in addition to Treasury and Foreign Exchange Business.
Karnataka Bank Limited
The shares of Karnataka Bank zoomed by more than 5 percent on Tuesday to reach an intra-day high of Rs 162 in the early hours. The stock rallied after the company was able to strengthen its financial position.
Karnataka Bank’s NII increased by 26% in Q2FY23 to Rs 803 crore while its net profit improved by 127% to an all-time high of Rs 525.5 crore.
The bank reported a 12.4% year-on-year loan growth to Rs 63,659 crore and a deposit growth of 7.9% to Rs 84,593 crore. In addition, it saw a 10% growth in the current account, savings account (CASA) deposits to Rs 26,992 crore.
Karnataka Bank Limited is an old-generation private-sector Commercial bank that is engaged in retail, corporate banking, and para-banking activities. It has a national presence with a network of 879 branches spread across 22 states and 2 Union Territories.
Written by Anoushka Roy
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