52-week high alert: Heavy buying witnessed in this private sector bank, reports stellar quarterly results!

Shares of the bank gained more than 30 per cent in the last six months.

CSB Bank Limited has reported results for the first quarter ended June 30, 2023 (Q1FY24). The bank has reported a 15.46 per cent jump in its net profit at Rs 132.23 crore for the quarter ended June 30, 2023, as compared to Rs 114.52 crore for the same quarter in the previous year. The operating profit of the bank saw a significant jump of 17.26 per cent. The total income of the bank increased by 36.27 per cent at Rs 805.04 crore for Q1FY24 as compared to Rs 590.78 crore for the corresponding quarter previous year. The stock also made a fresh 52-week high of Rs 329.65 on Friday. And the stock also witnessed heavy buying activity from investors in the last few days.

CSB Bank Limited is an old private sector bank with a history of over 101 years and operating out of 703 branches. The business is concentrated in Kerala (38 per cent branches) with the remaining spread mainly across Tamil Nadu, Karnataka, and Maharashtra.

The Bank faced deterioration in capital position prior to 2017 and hence decided to bring in a partner and raise capital. In the second half of 2018, the Bank partnered with Toronto-based Fairfax which invested Rs 1208 crore for a 51% stake in the bank. It was the first time the Reserve Bank of India (RBI) had allowed a foreign firm to take a majority interest in a local lender.

On Friday, the stock opened at Rs 301.20, with a high and low of Rs 329.65 and Rs 301.20. The stock closed trading at Rs 315.40, up by 4.21 per cent.   

The stock has a 52-week high of Rs 329.65 and a 52-week low of Rs 197.80. The company has a market capitalisation of Rs 5,471.74 crore. 

Disclaimer: The article is for informational purposes only and not investment advice.