CSB Bank plans 30% increase in branch numbers

CSB reported an 89 % y-o-y increase in its third quarter net profits to Rs 53.05 crore on higher interest and treasury income.

CSB Bank said on Thursday it plans to increase its number of branches by 30% year-on-year, having opened 101 new branches in FY21. Currently, the Thrissur-based lender has 474 branches and 309 ATMs across 18 states and two union territories.

Narendra Dixit, retail head, CSB Bank, said, “We are increasing our pan-India distribution, which will complement our significant distribution strength in Kerala and the south and help us in offering seamless services across the country to our valued customers. We have significant distribution in deeper geography and now, we are leveraging that to build a strong agri and financial inclusion model in these markets.”

He said the bank has created digital on-boarding facilities via CSB Wink, which offers digital account opening, e-wallet facilities, online FD services and virtual debit cards, and will aid in higher deposit centres to provide an evenly distributed footprint.

The app, CSB Wink, enables customers to open an account instantly from home. Besides, CSB Bank is working on expanding its product suite, services, and digital banking platform with investments in technology aimed at improving customer experience.

CSB reported an 89 % y-o-y increase in its third quarter net profits to Rs 53.05 crore on higher interest and treasury income.

“By opening new branches, the bank will look at enhancing its market outreach and catering to lending towards the MSME and agri sectors, while also growing their CASA and gold loan business,” Dixit said.