NSE:CSBBANK Forensic Report - SOIC x StockScans Report

CSB Bank is a century-old Kerala lender that was pulled from the brink and rewired into a fast-growing new-age bank - the oldest private-sector bank in the state, now racing toward a national footprint under the SBS 2030 plan. The turnaround began in 2019 when Fairfax-backed FIH Mauritius Investments acquired a 51% stake and injected ₹1,208 crore of capital, and the bank listed on the exchanges later that year after an IPO that was oversubscribed nearly 87 times. Everything the bank does runs on the same recurring logic: build foundational pillars - culture, governance, risk, customer focus, and technology - rather than chase quarterly numbers, then use the cash flows from one engine to fund the next.

Business segments

Four engines at different stages - a gold-loan cash cow that still defines the bank, a retail and MSME platform being built for national scale, a wholesale franchise that funds the rest, and a treasury that keeps the whole machine balanced.

1. Gold loans: the bank's DNA and its deepest moat

Gold loans are the single largest piece of the loan book, secured by physical jewellery, and they run on a short-duration, low-risk model that the bank has spent a century perfecting.

Secured by 24 tonnes of gold - the bank held 24.04 tonnes of gold jewellery as collateral as of March 2026, backing a portfolio of ₹21,567 crore that makes up 53% of gross advances. The loan-to-value ratio is kept at a conservative 66.90%, and the gross NPA ratio sits at just 0.22%, so the book is what management calls "pretty risk-free".
Short money, quick churn - the average gold loan matures in only four months, which means the entire portfolio reprices and refreshes rapidly, keeping the overall asset book duration to roughly one year. That short tenor protects the bank from interest-rate surprises and lets it recycle capital fast.
Branch-in-branch economics - dedicated gold-loan counters sit inside existing branches, lowering operating costs, improving customer privacy, and lifting per-unit profitability. The model was piloted in 20-25 branches and has since been rolled out widely, helping per-branch gold-loan productivity reach ₹14.51 crore in FY21 - described as one of the highest in the industry.
Chasing the unorganised lender's customer - the bank deliberately expanded into rural and semi-urban markets where unorganised players dominate, using business correspondents, doorstep banking, and a partnership with IIFL Finance to source loans in areas where it lacks branches. That is how gold advances outside Kerala rose to 63% from 57% in a single year.
Deliberately shrinking the giant - under the SBS 2030 roadmap, gold loans are targeted to fall to roughly 20% of the total loan book by 2030 as the bank diversifies, and tonnage growth has already slowed to 4% year-on-year in a recent period while account numbers declined. The shift is toward larger ticket sizes and SME-linked working-capital gold loans rather than pure consumption lending.

2. Retail banking: building a full consumer franchise on top of the gold-loan base

The bank is constructing a complete retail deposit-and-lending platform - savings accounts, home loans, auto loans, credit cards, and wealth management - with the liability side coming first and asset growth expected to kick in meaningfully only from FY28.

Deposits first, loans later - the retail asset strategy is explicitly to build a strong liability franchise before pushing loan growth, with the full retail product bouquet on the asset side expected to start scaling by Q4 FY27 or Q1 FY28. The deposit renewal rate is over 85%, so the base is sticky.
CASA built on three legs - the current-and-savings account strategy rests on branch expansion, segmented products for women, seniors, HNIs, exporters, and salaried customers, and engagement through relationship managers, virtual RMs, and digital channels. The CASA ratio stood at around 20% as of Q4 FY26.
Credit cards as a digital wedge - the bank entered credit cards in FY23 with a co-branded mobile-first metal card on the Mastercard network through OneCard, and followed it with a RuPay UPI card through Jupiter, both with end-to-end digital sourcing via Video KYC. These are low-cost acquisition tools that bring younger customers into the fold.
Auto loans with a local stronghold - two-wheeler loans grew 119% in FY21 to ₹171 crore, and the bank held a 12% market share in Kerala's two-wheeler loan market, ranking third among banks in several key towns behind only HDFC and IndusInd. A preferred-financier agreement with Royal Enfield made it the only regional bank with such a tie-up.
Fee income from insurance and investments - the bank distributes life, health, and general insurance through seven bancassurance partners under an open-architecture model, with over 850 IRDAI-certified employees across branches, and offers e-broking accounts through IIFL Securities. Wealth management is planned for launch in FY28-29.

3. MSME banking: a data-driven lending engine aimed at India's credit-starved small businesses

The bank serves micro, small, and medium enterprises with a hub-and-spoke model, fast credit decisions, and fintech partnerships - targeting a segment where only 4% of 64 million businesses have formal credit access.

Two-speed structure for different needs - the MSME business is split into a Business Banking Group for established firms and an Emerging Enterprise Group for newer ones, with products spanning term loans, working capital, invoice discounting, letters of credit, and foreign-currency loans.
Decisions in minutes, not weeks - the bank delivers in-principle approvals within 30 minutes and disbursals within 24-36 hours through a fast-track credit process, supported by scorecard-based underwriting (Turbo) and real-time decisioning (Spot On). A pre-login tool called C-Scan further cuts turnaround time.
Clusters over cold calls - the bank uses a hub-and-spoke model with top SME-centric branches and engages directly with trade bodies and industry associations. As of FY21, it was present in 203 of the 388 SME clusters identified by UNIDO across India, with plans to expand into the remaining clusters in Tamil Nadu, Andhra Pradesh, Telangana, and Gujarat.
Fintech sourcing for reach - tie-ups with Yubi (CredAvenue) for SME and loan-against-property leads, and with Namaste Credit for LAP sourcing, extend the bank's origination reach without adding branches. A dedicated MSME mobile app is also in the pipeline.

4. Wholesale banking: the funding engine that also earns fees

The wholesale franchise serves large and mid-sized corporates, financial institutions, and government bodies - it funds the bank's growth while targeting fee income of at least 1.5%-1.8% from trade, forex, and cash management.

Mid-market focus, not mega-corporates - the bank deliberately targets mid-market and emerging corporates rather than chasing large conglomerates immediately, with dedicated teams for corporate banking, emerging corporates, and financial institutions. The wholesale loan book stood at ₹7,274 crore as of FY25.
Trade and forex as the fee engine - revenues from trade services and forex jumped 48% year-on-year in FY24 on strong volumes and disciplined pricing, and the bank doubled non-fund income after securing an AD1 licence and launching forward contracts. Supply-chain finance on the TReDS platform and cash management under the "CSB Transact" suite add further fee layers.
NBFC concentration unwound - wholesale exposure to NBFCs, which once stood at 70%, has been reduced significantly, and the bank now helps NBFC clients by acquiring their asset pools through direct assignment and pass-through certificates rather than just lending to them.
Built on a 4P framework - the wholesale offering is organised around People (high-calibre hires), Products (trade, forex, transaction banking), Policy (evolving credit underwriting), and Process (the latest core banking version), with a centralised team that works with other banks on syndicated loans.

Technology and digital infrastructure

The bank has ripped out nearly every legacy system and rebuilt its entire technology stack around Oracle FLEXCUBE - a "once-in-a-lifetime" overhaul that hollows out the core and surrounds it with over 50 upgraded systems.

Core banking replaced in a single weekend - the migration from the old 'Maarvel' system to Oracle FLEXCUBE was scheduled for May 9-11, 2025 with a cutover window of just three days, and the bank claims to be one of the first to implement Oracle OGL and OFSAA together in a single transition.
Hollow the core - fast-changing, high-volume applications like lending and UPI are separated from the core system so they can be updated rapidly without touching the central ledger, while over 50 surround systems covering lending, trade finance, treasury, compliance, and fraud detection are integrated into the platform.
Four Tier-3 data centres and a command centre - the bank runs two data centres each in Mumbai and Chennai on private cloud infrastructure, with a Technology Command Centre in Turbhe, Mumbai for real-time monitoring.
Digital adoption at scale - 91.49% of total channel transactions were digital in FY24, with over 6.55 lakh internet banking users and 6.46 lakh mobile banking users as of FY25, supported by WhatsApp Banking, Video KYC, cardless cash withdrawal, and contactless debit cards.

Group structure and partners

CSB Bank is a standalone entity with no subsidiaries, promoted by Fairfax and held together by a web of fintech and institutional partnerships that extend its reach without bloating its balance sheet.

Fairfax is the anchor - FIH Mauritius Investments, backed by the Fairfax Group, held 49.72% of shares as of FY24, though it sold 9.72% in June 2024 to comply with RBI's directive to reduce promoter holdings to 40% within five years.
No subsidiaries, no complexity - the bank has no subsidiary or associate companies, keeping the group structure simple.
Fintech partnerships for origination and experience - key tie-ups include IIFL Finance for gold-loan sourcing in unbanked markets, OneCard for co-branded credit cards, Yubi and Namaste Credit for SME leads, and Pinelabs and Worldline for POS machines.
Bancassurance with seven leaders - the bank distributes insurance through an open-architecture model with Edelweiss Tokio, HDFC Life, and ICICI Prudential on the life side, and Reliance General, Go Digit, ICICI Lombard, and Aditya Birla Health on the non-life and health side.
Credit ratings support funding access - Tier II Bonds are rated CRISIL A/Stable and IND A/Positive, while short-term fixed deposits and certificates of deposit carry CRISIL A1+, the highest short-term rating.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	687	762	795	832	865	919	981	1,041	1,109	1,154	1,201	1,287
Growth YoY Revenue Growth YoY%	23.8	28.7	24.9	21.7	25.8	20.7	23.4	25.1	28.3	25.5	22.4	23.7
Interest Expended Interest ExpendedCr	344	379	409	470	497	544	610	662	686	701	737	809
Expenses ExpensesCr	308	308	376	381	380	391	496	465	557	524	500	506
Financing Profit Financing ProfitCr	35	75	10	-19	-13	-15	-125	-85	-134	-71	-36	-27
FPM FPM%	5.2	9.8	1.2	-2.3	-1.5	-1.7	-12.7	-8.2	-12.0	-6.2	-3.0	-2.1
Other Income Other IncomeCr	143	125	197	172	199	219	381	245	349	276	306	229
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	178	200	206	152	186	204	257	160	216	205	271	202
Tax TaxCr	45	50	55	39	48	52	66	41	55	53	69	52
PAT PATCr	133	150	151	113	138	152	190	119	160	153	202	150
Growth YoY PAT Growth YoY%	10.5	-3.8	-3.1	-14.3	3.9	1.1	25.7	4.7	15.8	0.7	5.8	26.5
NPM NPM%	19.4	19.7	19.1	13.6	16.0	16.5	19.4	11.4	14.5	13.2	16.8	11.7
EPS EPS₹	7.7	8.6	8.7	6.5	8.0	8.7	11.0	6.8	9.2	8.8	11.6	8.7
Ratios Ratios

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

687

762

795

832

865

919

981

1,041

1,109

1,154

1,201

1,287

Growth YoY

Revenue Growth YoY%

23.8

28.7

24.9

21.7

25.8

20.7

23.4

25.1

28.3

25.5

22.4

23.7

Interest Expended

Interest ExpendedCr

344

379

409

470

497

544

610

662

686

701

737

809

Expenses

ExpensesCr

308

376

381

380

391

496

465

557

524

500

506

Financing Profit

Financing ProfitCr

-19

-13

-15

-125

-85

-134

-71

-36

-27

FPM

FPM%

5.2

9.8

1.2

-2.3

-1.5

-1.7

-12.7

-8.2

-12.0

-6.2

-3.0

-2.1

Other Income

Other IncomeCr

143

125

197

172

199

219

381

245

349

276

306

229

Depreciation

DepreciationCr

PBT

PBTCr

178

200

206

152

186

204

257

160

216

205

271

202

Tax

TaxCr

PAT

PATCr

133

150

151

113

138

152

190

119

160

153

202

150

Growth YoY

PAT Growth YoY%

10.5

-3.8

-3.1

-14.3

3.9

1.1

25.7

4.7

15.8

0.7

5.8

26.5

NPM

NPM%

19.4

19.7

19.1

13.6

16.0

16.5

19.4

11.4

14.5

13.2

16.8

11.7

EPS

EPS₹

7.7

8.6

8.7

6.5

8.0

8.7

11.0

6.8

9.2

8.8

11.6

8.7

Ratios

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	687	762	795	832	865	919	981	1,041	1,109	1,154	1,201	1,287
Growth YoY Revenue Growth YoY%	23.8	28.7	24.9	21.7	25.8	20.7	23.4	25.1	28.3	25.5	22.4	23.7
Interest Expended Interest ExpendedCr	344	379	409	470	497	544	610	662	686	701	737	809
Expenses ExpensesCr	308	308	376	381	380	391	496	465	557	524	500	506
Financing Profit Financing ProfitCr	35	75	10	-19	-13	-15	-125	-85	-134	-71	-36	-27
FPM FPM%	5.2	9.8	1.2	-2.3	-1.5	-1.7	-12.7	-8.2	-12.0	-6.2	-3.0	-2.1
Other Income Other IncomeCr	143	125	197	172	199	219	381	245	349	276	306	229
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	178	200	206	152	186	204	257	160	216	205	271	202
Tax TaxCr	45	50	55	39	48	52	66	41	55	53	69	52
PAT PATCr	133	150	151	113	138	152	190	119	160	153	202	150
Growth YoY PAT Growth YoY%	10.5	-3.8	-3.1	-14.3	3.9	1.1	25.7	4.7	15.8	0.7	5.8	26.5
NPM NPM%	19.4	19.7	19.1	13.6	16.0	16.5	19.4	11.4	14.5	13.2	16.8	11.7
EPS EPS₹	7.7	8.6	8.7	6.5	8.0	8.7	11.0	6.8	9.2	8.8	11.6	8.7
Ratios Ratios

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

687

762

795

832

865

919

981

1,041

1,109

1,154

1,201

1,287

Growth YoY

Revenue Growth YoY%

23.8

28.7

24.9

21.7

25.8

20.7

23.4

25.1

28.3

25.5

22.4

23.7

Interest Expended

Interest ExpendedCr

344

379

409

470

497

544

610

662

686

701

737

809

Expenses

ExpensesCr

308

376

381

380

391

496

465

557

524

500

506

Financing Profit

Financing ProfitCr

-19

-13

-15

-125

-85

-134

-71

-36

-27

FPM

FPM%

5.2

9.8

1.2

-2.3

-1.5

-1.7

-12.7

-8.2

-12.0

-6.2

-3.0

-2.1

Other Income

Other IncomeCr

143

125

197

172

199

219

381

245

349

276

306

229

Depreciation

DepreciationCr

PBT

PBTCr

178

200

206

152

186

204

257

160

216

205

271

202

Tax

TaxCr

PAT

PATCr

133

150

151

113

138

152

190

119

160

153

202

150

Growth YoY

PAT Growth YoY%

10.5

-3.8

-3.1

-14.3

3.9

1.1

25.7

4.7

15.8

0.7

5.8

26.5

NPM

NPM%

19.4

19.7

19.1

13.6

16.0

16.5

19.4

11.4

14.5

13.2

16.8

11.7

EPS

EPS₹

7.7

8.6

8.7

6.5

8.0

8.7

11.0

6.8

9.2

8.8

11.6

8.7

Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,483	1,336	1,297	1,348	1,510	1,872	2,038	2,320	2,928	3,597	4,505	4,752
Growth Revenue Growth%	-4.0	-9.9	-3.0	3.9	12.1	24.0	8.9	13.8	26.2	22.9	25.2	24.8
Interest Expended Interest ExpendedCr	1,159	1,023	912	908	918	931	885	986	1,451	2,121	2,785	2,932
Expenses ExpensesCr	643	589	644	859	656	911	748	873	1,244	1,572	1,938	2,087
Financing Profit Financing ProfitCr	-319	-275	-259	-419	-64	30	405	461	233	-96	-218	-267
FPM FPM%	-21.5	-20.6	-20.0	-31.1	-4.2	1.6	19.9	19.9	7.9	-2.7	-4.8	-5.6
Other Income Other IncomeCr	105	281	125	136	222	303	247	316	584	972	1,177	1,161
Depreciation DepreciationCr	14	15	16	17	24	41	38	43	56	76	107	0
PBT PBTCr	-228	-9	-149	-300	134	293	614	734	761	800	851	893
Tax TaxCr	-79	-10	-52	-103	121	74	156	186	195	206	218	229
PAT PATCr	-150	2	-97	-197	13	218	458	547	567	594	633	665
Growth PAT Growth%	-181.6	101.0	-6,370.1	-102.5	106.5	1,616.3	109.9	19.4	3.6	4.8	6.6	10.9
NPM NPM%	-10.1	0.1	-7.5	-14.7	0.8	11.7	22.5	23.6	19.4	16.5	14.1	14.0
EPS EPS₹	-24.0	0.2	-12.0	-23.7	0.9	12.6	26.4	31.6	32.7	34.2	36.5	38.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

1,483

1,336

1,297

1,348

1,510

1,872

2,038

2,320

2,928

3,597

4,505

4,752

Growth

Revenue Growth%

-4.0

-9.9

-3.0

3.9

12.1

24.0

8.9

13.8

26.2

22.9

25.2

24.8

Interest Expended

Interest ExpendedCr

1,159

1,023

912

908

918

931

885

986

1,451

2,121

2,785

2,932

Expenses

ExpensesCr

643

589

644

859

656

911

748

873

1,244

1,572

1,938

2,087

Financing Profit

Financing ProfitCr

-319

-275

-259

-419

-64

405

461

233

-96

-218

-267

FPM

FPM%

-21.5

-20.6

-20.0

-31.1

-4.2

1.6

19.9

7.9

-2.7

-4.8

-5.6

Other Income

Other IncomeCr

105

281

125

136

222

303

247

316

584

972

1,177

1,161

Depreciation

DepreciationCr

107

PBT

PBTCr

-228

-9

-149

-300

134

293

614

734

761

800

851

893

Tax

TaxCr

-79

-10

-52

-103

121

156

186

195

206

218

229

PAT

PATCr

-150

-97

-197

218

458

547

567

594

633

665

Growth

PAT Growth%

-181.6

101.0

-6,370.1

-102.5

106.5

1,616.3

109.9

19.4

3.6

4.8

6.6

10.9

NPM

NPM%

-10.1

0.1

-7.5

-14.7

0.8

11.7

22.5

23.6

19.4

16.5

14.1

14.0

EPS

EPS₹

-24.0

0.2

-12.0

-23.7

0.9

12.6

26.4

31.6

32.7

34.2

36.5

38.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,483	1,336	1,297	1,348	1,510	1,872	2,038	2,320	2,928	3,597	4,505	4,752
Growth Revenue Growth%	-4.0	-9.9	-3.0	3.9	12.1	24.0	8.9	13.8	26.2	22.9	25.2	24.8
Interest Expended Interest ExpendedCr	1,159	1,023	912	908	918	931	885	986	1,451	2,121	2,785	2,932
Expenses ExpensesCr	643	589	644	859	656	911	748	873	1,244	1,572	1,938	2,087
Financing Profit Financing ProfitCr	-319	-275	-259	-419	-64	30	405	461	233	-96	-218	-267
FPM FPM%	-21.5	-20.6	-20.0	-31.1	-4.2	1.6	19.9	19.9	7.9	-2.7	-4.8	-5.6
Other Income Other IncomeCr	105	281	125	136	222	303	247	316	584	972	1,177	1,161
Depreciation DepreciationCr	14	15	16	17	24	41	38	43	56	76	107	0
PBT PBTCr	-228	-9	-149	-300	134	293	614	734	761	800	851	893
Tax TaxCr	-79	-10	-52	-103	121	74	156	186	195	206	218	229
PAT PATCr	-150	2	-97	-197	13	218	458	547	567	594	633	665
Growth PAT Growth%	-181.6	101.0	-6,370.1	-102.5	106.5	1,616.3	109.9	19.4	3.6	4.8	6.6	10.9
NPM NPM%	-10.1	0.1	-7.5	-14.7	0.8	11.7	22.5	23.6	19.4	16.5	14.1	14.0
EPS EPS₹	-24.0	0.2	-12.0	-23.7	0.9	12.6	26.4	31.6	32.7	34.2	36.5	38.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

1,483

1,336

1,297

1,348

1,510

1,872

2,038

2,320

2,928

3,597

4,505

4,752

Growth

Revenue Growth%

-4.0

-9.9

-3.0

3.9

12.1

24.0

8.9

13.8

26.2

22.9

25.2

24.8

Interest Expended

Interest ExpendedCr

1,159

1,023

912

908

918

931

885

986

1,451

2,121

2,785

2,932

Expenses

ExpensesCr

643

589

644

859

656

911

748

873

1,244

1,572

1,938

2,087

Financing Profit

Financing ProfitCr

-319

-275

-259

-419

-64

405

461

233

-96

-218

-267

FPM

FPM%

-21.5

-20.6

-20.0

-31.1

-4.2

1.6

19.9

7.9

-2.7

-4.8

-5.6

Other Income

Other IncomeCr

105

281

125

136

222

303

247

316

584

972

1,177

1,161

Depreciation

DepreciationCr

107

PBT

PBTCr

-228

-9

-149

-300

134

293

614

734

761

800

851

893

Tax

TaxCr

-79

-10

-52

-103

121

156

186

195

206

218

229

PAT

PATCr

-150

-97

-197

218

458

547

567

594

633

665

Growth

PAT Growth%

-181.6

101.0

-6,370.1

-102.5

106.5

1,616.3

109.9

19.4

3.6

4.8

6.6

10.9

NPM

NPM%

-10.1

0.1

-7.5

-14.7

0.8

11.7

22.5

23.6

19.4

16.5

14.1

14.0

EPS

EPS₹

-24.0

0.2

-12.0

-23.7

0.9

12.6

26.4

31.6

32.7

34.2

36.5

38.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	72	81	81	86	174	174	174	174	174	174	174
Reserves ReservesCr	821	918	808	694	1,787	2,007	2,478	3,030	3,630	4,324	4,721
Deposits DepositsCr	14,438	14,912	14,691	15,124	15,791	19,140	20,188	24,506	29,719	36,861	44,246
Borrowings BorrowingsCr	42	42	42	0	794	1,426	2,007	783	1,757	5,546	7,154
Other Liabilities Other LiabilitiesCr	279	271	249	1,007	319	591	509	670	776	931	1,432
Total Liabilities Total LiabilitiesCr	15,652	16,223	15,870	16,911	18,864	23,337	25,356	29,162	36,056	47,836	57,727
Fixed Assets Fixed AssetsCr	215	215		218	228	269	288	319	406	629	710
Investments InvestmentsCr	5,987	5,762	4,114	4,028	5,360	6,126	7,012	5,849	7,551	11,389	11,955
Advances AdvancesCr	8,598	8,907	10,145	11,408	12,141	15,131	16,436	21,103	24,884	32,159	40,890
Cash Equivalents Cash EquivalentsCr	726	1,211	1,215	974	939	1,714	1,574	1,837	3,155	3,592	4,097
Other Assets Other AssetsCr	126	128	396	284	196	97	47	54	60	67	74
Total Assets Total AssetsCr	15,652	16,223	15,870	16,911	18,864	23,337	25,356	29,162	36,056	47,836	57,727

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

174

Reserves

ReservesCr

821

918

808

694

1,787

2,007

2,478

3,030

3,630

4,324

4,721

Deposits

DepositsCr

14,438

14,912

14,691

15,124

15,791

19,140

20,188

24,506

29,719

36,861

44,246

Borrowings

BorrowingsCr

794

1,426

2,007

783

1,757

5,546

7,154

Other Liabilities

Other LiabilitiesCr

279

271

249

1,007

319

591

509

670

776

931

1,432

Total Liabilities

Total LiabilitiesCr

15,652

16,223

15,870

16,911

18,864

23,337

25,356

29,162

36,056

47,836

57,727

Fixed Assets

Fixed AssetsCr

215

218

228

269

288

319

406

629

710

Investments

InvestmentsCr

5,987

5,762

4,114

4,028

5,360

6,126

7,012

5,849

7,551

11,389

11,955

Advances

AdvancesCr

8,598

8,907

10,145

11,408

12,141

15,131

16,436

21,103

24,884

32,159

40,890

Cash Equivalents

Cash EquivalentsCr

726

1,211

1,215

974

939

1,714

1,574

1,837

3,155

3,592

4,097

Other Assets

Other AssetsCr

126

128

396

284

196

Total Assets

Total AssetsCr

15,652

16,223

15,870

16,911

18,864

23,337

25,356

29,162

36,056

47,836

57,727

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	72	81	81	86	174	174	174	174	174	174	174
Reserves ReservesCr	821	918	808	694	1,787	2,007	2,478	3,030	3,630	4,324	4,721
Deposits DepositsCr	14,438	14,912	14,691	15,124	15,791	19,140	20,188	24,506	29,719	36,861	44,246
Borrowings BorrowingsCr	42	42	42	0	794	1,426	2,007	783	1,757	5,546	7,154
Other Liabilities Other LiabilitiesCr	279	271	249	1,007	319	591	509	670	776	931	1,432
Total Liabilities Total LiabilitiesCr	15,652	16,223	15,870	16,911	18,864	23,337	25,356	29,162	36,056	47,836	57,727
Fixed Assets Fixed AssetsCr	215	215		218	228	269	288	319	406	629	710
Investments InvestmentsCr	5,987	5,762	4,114	4,028	5,360	6,126	7,012	5,849	7,551	11,389	11,955
Advances AdvancesCr	8,598	8,907	10,145	11,408	12,141	15,131	16,436	21,103	24,884	32,159	40,890
Cash Equivalents Cash EquivalentsCr	726	1,211	1,215	974	939	1,714	1,574	1,837	3,155	3,592	4,097
Other Assets Other AssetsCr	126	128	396	284	196	97	47	54	60	67	74
Total Assets Total AssetsCr	15,652	16,223	15,870	16,911	18,864	23,337	25,356	29,162	36,056	47,836	57,727

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

174

Reserves

ReservesCr

821

918

808

694

1,787

2,007

2,478

3,030

3,630

4,324

4,721

Deposits

DepositsCr

14,438

14,912

14,691

15,124

15,791

19,140

20,188

24,506

29,719

36,861

44,246

Borrowings

BorrowingsCr

794

1,426

2,007

783

1,757

5,546

7,154

Other Liabilities

Other LiabilitiesCr

279

271

249

1,007

319

591

509

670

776

931

1,432

Total Liabilities

Total LiabilitiesCr

15,652

16,223

15,870

16,911

18,864

23,337

25,356

29,162

36,056

47,836

57,727

Fixed Assets

Fixed AssetsCr

215

218

228

269

288

319

406

629

710

Investments

InvestmentsCr

5,987

5,762

4,114

4,028

5,360

6,126

7,012

5,849

7,551

11,389

11,955

Advances

AdvancesCr

8,598

8,907

10,145

11,408

12,141

15,131

16,436

21,103

24,884

32,159

40,890

Cash Equivalents

Cash EquivalentsCr

726

1,211

1,215

974

939

1,714

1,574

1,837

3,155

3,592

4,097

Other Assets

Other AssetsCr

126

128

396

284

196

Total Assets

Total AssetsCr

15,652

16,223

15,870

16,911

18,864

23,337

25,356

29,162

36,056

47,836

57,727

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-166	395	27	-893	-1,109	1,374	-853	2,211	1,783	-5,256	-314
Investing Cash Flow Investing Cash FlowCr	-13	-17	-18	-22	-235	-1,231	131	-724	-1,439	1,904	-790
Financing Cash Flow Financing Cash FlowCr	106	106	-5	674	1,310	632	581	-1,224	974	3,789	1,608
Net Cash Flow Net Cash FlowCr	-72	485	4	-242	-34	775	-140	263	1,318	437	505
Free Cash Flow Free Cash FlowCr	-178	378	9	-915	-1,153	1,318	-908	2,137	1,667	-5,555	-502
CFO To EBITDA CFO To EBITDA%	51.8	-143.7	-10.4	212.9	1,730.7	4,551.3	-210.3	480.0	766.2	5,466.5	143.8

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-166

395

-893

-1,109

1,374

-853

2,211

1,783

-5,256

-314

Investing Cash Flow

Investing Cash FlowCr

-13

-17

-18

-22

-235

-1,231

131

-724

-1,439

1,904

-790

Financing Cash Flow

Financing Cash FlowCr

106

-5

674

1,310

632

581

-1,224

974

3,789

1,608

Net Cash Flow

Net Cash FlowCr

-72

485

-242

-34

775

-140

263

1,318

437

505

Free Cash Flow

Free Cash FlowCr

-178

378

-915

-1,153

1,318

-908

2,137

1,667

-5,555

-502

CFO To EBITDA

CFO To EBITDA%

51.8

-143.7

-10.4

212.9

1,730.7

4,551.3

-210.3

480.0

766.2

5,466.5

143.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-166	395	27	-893	-1,109	1,374	-853	2,211	1,783	-5,256	-314
Investing Cash Flow Investing Cash FlowCr	-13	-17	-18	-22	-235	-1,231	131	-724	-1,439	1,904	-790
Financing Cash Flow Financing Cash FlowCr	106	106	-5	674	1,310	632	581	-1,224	974	3,789	1,608
Net Cash Flow Net Cash FlowCr	-72	485	4	-242	-34	775	-140	263	1,318	437	505
Free Cash Flow Free Cash FlowCr	-178	378	9	-915	-1,153	1,318	-908	2,137	1,667	-5,555	-502
CFO To EBITDA CFO To EBITDA%	51.8	-143.7	-10.4	212.9	1,730.7	4,551.3	-210.3	480.0	766.2	5,466.5	143.8

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-166

395

-893

-1,109

1,374

-853

2,211

1,783

-5,256

-314

Investing Cash Flow

Investing Cash FlowCr

-13

-17

-18

-22

-235

-1,231

131

-724

-1,439

1,904

-790

Financing Cash Flow

Financing Cash FlowCr

106

-5

674

1,310

632

581

-1,224

974

3,789

1,608

Net Cash Flow

Net Cash FlowCr

-72

485

-242

-34

775

-140

263

1,318

437

505

Free Cash Flow

Free Cash FlowCr

-178

378

-915

-1,153

1,318

-908

2,137

1,667

-5,555

-502

CFO To EBITDA

CFO To EBITDA%

51.8

-143.7

-10.4

212.9

1,730.7

4,551.3

-210.3

480.0

766.2

5,466.5

143.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					2,055	4,037	3,671	4,265	6,142	5,244	5,895	5,414
Price To Earnings Price To Earnings					162.3	18.5	8.0	7.8	10.8	8.8	9.3	8.2
Price To Sales Price To Sales					1.4	2.2	1.8	1.8	2.1	1.5	1.3	1.1
Price To Book Price To Book					1.1	2.0	1.5	1.4	1.7	1.2	1.3	1.1
EV To EBITDA EV To EBITDA					-29.8	124.2	10.1	7.0	20.4	-74.9	-41.0	-197.1
Profitability Ratios Profitability Ratios
FPM FPM%	-21.5	-20.6	-20.0	-31.1	-4.2	1.6	19.9	19.9	8.0	-2.7	-4.8	-5.6
NPM NPM%	-10.1	0.1	-7.5	-14.7	0.8	11.7	22.5	23.6	19.4	16.5	14.1	14.0
ROCE ROCE%	6.1	6.3	4.9	3.8	5.7	5.4	6.0	6.0	6.3	6.2	6.5	6.5
ROE ROE%	-16.8	0.2	-11.0	-25.3	0.7	10.0	17.3	17.1	14.9	13.2	12.9	12.9
ROA ROA%	-1.0	0.0	-0.6	-1.2	0.1	0.9	1.8	1.9	1.6	1.2	1.1	1.1
Solvency Ratios Solvency Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

2,055

4,037

3,671

4,265

6,142

5,244

5,895

5,414

Price To Earnings

162.3

18.5

8.0

7.8

10.8

8.8

9.3

8.2

Price To Sales

1.4

2.2

1.8

2.1

1.5

1.3

1.1

Price To Book

1.1

2.0

1.5

1.4

1.7

1.2

1.3

1.1

EV To EBITDA

-29.8

124.2

10.1

7.0

20.4

-74.9

-41.0

-197.1

Profitability Ratios

FPM

FPM%

-21.5

-20.6

-20.0

-31.1

-4.2

1.6

19.9

8.0

-2.7

-4.8

-5.6

NPM

NPM%

-10.1

0.1

-7.5

-14.7

0.8

11.7

22.5

23.6

19.4

16.5

14.1

14.0

ROCE

ROCE%

6.1

6.3

4.9

3.8

5.7

5.4

6.0

6.3

6.2

6.5

ROE

ROE%

-16.8

0.2

-11.0

-25.3

0.7

10.0

17.3

17.1

14.9

13.2

12.9

ROA

ROA%

-1.0

0.0

-0.6

-1.2

0.1

0.9

1.8

1.9

1.6

1.2

1.1

Solvency Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					2,055	4,037	3,671	4,265	6,142	5,244	5,895	5,414
Price To Earnings Price To Earnings					162.3	18.5	8.0	7.8	10.8	8.8	9.3	8.2
Price To Sales Price To Sales					1.4	2.2	1.8	1.8	2.1	1.5	1.3	1.1
Price To Book Price To Book					1.1	2.0	1.5	1.4	1.7	1.2	1.3	1.1
EV To EBITDA EV To EBITDA					-29.8	124.2	10.1	7.0	20.4	-74.9	-41.0	-197.1
Profitability Ratios Profitability Ratios
FPM FPM%	-21.5	-20.6	-20.0	-31.1	-4.2	1.6	19.9	19.9	8.0	-2.7	-4.8	-5.6
NPM NPM%	-10.1	0.1	-7.5	-14.7	0.8	11.7	22.5	23.6	19.4	16.5	14.1	14.0
ROCE ROCE%	6.1	6.3	4.9	3.8	5.7	5.4	6.0	6.0	6.3	6.2	6.5	6.5
ROE ROE%	-16.8	0.2	-11.0	-25.3	0.7	10.0	17.3	17.1	14.9	13.2	12.9	12.9
ROA ROA%	-1.0	0.0	-0.6	-1.2	0.1	0.9	1.8	1.9	1.6	1.2	1.1	1.1
Solvency Ratios Solvency Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

2,055

4,037

3,671

4,265

6,142

5,244

5,895

5,414

Price To Earnings

162.3

18.5

8.0

7.8

10.8

8.8

9.3

8.2

Price To Sales

1.4

2.2

1.8

2.1

1.5

1.3

1.1

Price To Book

1.1

2.0

1.5

1.4

1.7

1.2

1.3

1.1

EV To EBITDA

-29.8

124.2

10.1

7.0

20.4

-74.9

-41.0

-197.1

Profitability Ratios

FPM

FPM%

-21.5

-20.6

-20.0

-31.1

-4.2

1.6

19.9

8.0

-2.7

-4.8

-5.6

NPM

NPM%

-10.1

0.1

-7.5

-14.7

0.8

11.7

22.5

23.6

19.4

16.5

14.1

14.0

ROCE

ROCE%

6.1

6.3

4.9

3.8

5.7

5.4

6.0

6.3

6.2

6.5

ROE

ROE%

-16.8

0.2

-11.0

-25.3

0.7

10.0

17.3

17.1

14.9

13.2

12.9

ROA

ROA%

-1.0

0.0

-0.6

-1.2

0.1

0.9

1.8

1.9

1.6

1.2

1.1

Solvency Ratios

	J&KBANK	SOUTHBANK	TMB	KTKBANK	DCBBANK	CSBBANK	DHANBANK
Market CapitalizationMkt CapCr	15,339	14,158	13,792	12,508	6,777	5,414	1,457
Close PriceClose₹	139.30	54.05	871.00	330.55	210.35	312.05	36.91
IndustryIndustry	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks
Price To EarningsPE	6.66	8.92	9.55	8.70	8.55	8.15	12.60
Price To SalesPS	1.14	1.35	2.26	1.38	0.89	1.14	0.87
RevenueRevenueCr	13,429	10,501	6,096	9,039	7,575	4,752	1,683
Revenue Growth TTMRev Gr TTM%	4.8%	10.4%	13.0%	0.5%	11.5%	24.8%	21.8%
PAT Growth TTMPAT Gr TTM%	7.0%	16.8%	20.3%	23.4%	22.8%	10.9%	33.0%

Market CapitalizationMkt CapCr

15,339

14,158

13,792

12,508

6,777

5,414

1,457

Close PriceClose₹

139.30

54.05

871.00

330.55

210.35

312.05

36.91

IndustryIndustry

Private Banks

Price To EarningsPE

6.66

8.92

9.55

8.70

8.55

8.15

12.60

Price To SalesPS

1.14

1.35

2.26

1.38

0.89

1.14

0.87

RevenueRevenueCr

13,429

10,501

6,096

9,039

7,575

4,752

1,683

Revenue Growth TTMRev Gr TTM%

4.8%

10.4%

13.0%

0.5%

11.5%

24.8%

21.8%

PAT Growth TTMPAT Gr TTM%

7.0%

16.8%

20.3%

23.4%

22.8%

10.9%

33.0%

	J&KBANK	SOUTHBANK	TMB	KTKBANK	DCBBANK	CSBBANK	DHANBANK
Market CapitalizationMkt CapCr	15,339	14,158	13,792	12,508	6,777	5,414	1,457
Close PriceClose₹	139.30	54.05	871.00	330.55	210.35	312.05	36.91
IndustryIndustry	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks
Price To EarningsPE	6.66	8.92	9.55	8.70	8.55	8.15	12.60
Price To SalesPS	1.14	1.35	2.26	1.38	0.89	1.14	0.87
RevenueRevenueCr	13,429	10,501	6,096	9,039	7,575	4,752	1,683
Revenue Growth TTMRev Gr TTM%	4.8%	10.4%	13.0%	0.5%	11.5%	24.8%	21.8%
PAT Growth TTMPAT Gr TTM%	7.0%	16.8%	20.3%	23.4%	22.8%	10.9%	33.0%

Market CapitalizationMkt CapCr

15,339

14,158

13,792

12,508

6,777

5,414

1,457

Close PriceClose₹

139.30

54.05

871.00

330.55

210.35

312.05

36.91

IndustryIndustry

Private Banks

Price To EarningsPE

6.66

8.92

9.55

8.70

8.55

8.15

12.60

Price To SalesPS

1.14

1.35

2.26

1.38

0.89

1.14

0.87

RevenueRevenueCr

13,429

10,501

6,096

9,039

7,575

4,752

1,683

Revenue Growth TTMRev Gr TTM%

4.8%

10.4%

13.0%

0.5%

11.5%

24.8%

21.8%

PAT Growth TTMPAT Gr TTM%

7.0%

16.8%

20.3%

23.4%

22.8%

10.9%

33.0%

CSB Bank Ltd

CSB Bank Ltd

Quick Ratios

Quarterly Results

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Balance Sheet

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