Any current/future new fundraising through debt or equity?

The bank mentioned resorting to more borrowings as an additional window of fundraising based on cost considerations to ensure long-term sustainable credit growth (Page 4). No explicit mention of immediate or planned equity fundraising was made. The approach focuses on maintaining liquidity with borrowings to support the credit side growth, rather than relying on deposit growth alone (Page 4). No specific new debt issuance timelines or equity fundraising plans were disclosed during the call. The bank is focused on a sustainable growth trajectory through cautious borrowing to mitigate liquidity

Any current/future capex/capital investment/strategic investment?

CSB Bank is undertaking a significant technology transformation as a key part of its strategic investment. Replacement of almost all banking systems with modern, cutting-edge technology. Establishment of four data centers (two each in Mumbai and Chennai) and a private cloud, all operational. Installation of a modern technology command center in Navi Mumbai for comprehensive monitoring. Implementation of the Service Now platform, enabling agility in launching new capabilities. Development of an API Ecosystem combined with Enterprise Service Bus to integrate fintech and other partners seamlessly

Future growth expectations in sales/revenue/volumes?

**Gold Loan Business:** Expected to grow around 25%-30% YoY with tonnage growth of ~10%; focus on sensitivity to gold price risks. **Wholesale Loans:** Flat currently (~23% of book), but significant growth anticipated from next year with fresh credit disbursements. **SME Loans:** Sustained growth at approximately 25%-26% YoY, expected to continue or improve. **Retail Loans:** Grew 7% QoQ and 45% YoY (including reclassified Loan Against Securities with gold collateral); pure retail growth conservative with focus on risk. **CASA Deposits:** Growth key for future retail assets; customer a

Future growth expectations in earnings/operating earnings/profits/EPS?

ROA is expected to sustain and potentially improve from the current 1.5% to a range between 1.5% to 1.8%. EPS for Q2 was Rs 31.65, with net profit up 22% quarter-on-quarter and 4% year-on-year. Other income growth is strong, offsetting cost increases and supporting profitability. Cost-to-income ratio currently around 65%, targeted to be brought below 50% by 2030. Fee income expected to increase from current ~14% to 19-20% of total income over the medium term. NIM guidance for near term is between 4.3% to 4.5%, with potential for improvement once interest rates start easing. Conservative provis

CSB BankQ2 FY25Banks

CSB Bank Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹312.5P/E: 8.2Market Cap: ₹5.4K CrSector: Banks

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

Gold Loan Business: Expected to grow around 25%-30% YoY with tonnage growth of ~10%; focus on sensitivity to gold price risks.
Wholesale Loans: Flat currently (~23% of book), but significant growth anticipated from next year with fresh credit disbursements.
SME Loans: Sustained growth at approximately 25%-26% YoY, expected to continue or improve.
Retail Loans: Grew 7% QoQ and 45% YoY (including reclassified Loan Against Securities with gold collateral); pure retail growth conservative with focus on risk.
CASA Deposits: Growth key for future retail assets; customer acquisition and CASA franchise expected to pick up from FY '26-'27 onwards, enabling retail asset business growth from 15% to 30%.
Overall Loan Growth: Targeted above system average, with a strong build phase starting FY '26-'27 supported by technology and distribution expansion.

Margin guidance

Category 3

ROA is expected to sustain and potentially improve from the current 1.5% to a range between 1.5% to 1.8%.
EPS for Q2 was Rs 31.65, with net profit up 22% quarter-on-quarter and 4% year-on-year.
Other income growth is strong, offsetting cost increases and supporting profitability.
Cost-to-income ratio currently around 65%, targeted to be brought below 50% by 2030.
Fee income expected to increase from current ~14% to 19-20% of total income over the medium term.
NIM guidance for near term is between 4.3% to 4.5%, with potential for improvement once interest rates start easing.
Conservative provisioning policy maintained, supporting stable credit costs (currently around 15-16 bps) and controlling asset quality risks.
Business mix shift towards retail, wholesale, SME, and gold segments aimed to improve long-term profitability with ROE targeted between 15%-17%.

See what CSB Bank management said on margin guidance — free account, 30 seconds.

Fundraise plans

The bank mentioned resorting to more borrowings as an additional window of fundraising based on cost considerations to ensure long-term sustainable credit growth (Page 4).
No explicit mention of immediate or planned equity fundraising was made.
The approach focuses on maintaining liquidity with borrowings to support the credit side growth, rather than relying on deposit growth alone (Page 4).
No specific new debt issuance timelines or equity fundraising plans were disclosed during the call.
The bank is focused on a sustainable growth trajectory through cautious borrowing to mitigate liquidity risks (Page 4).

Order book

The provided pages from the CSB Bank Limited Q2 FY'25 conference call transcript do not contain specific information regarding the bank's current or expected order book or pending orders. The discussion primarily revolves around: - Business segments and their growth (wholesale, SME, gold loans, retail) - Asset quality and provisioning policies - Technology transformation and digital initiatives - Financial performance highlights including NIM, PCR, GNPA, NNPA, and credit costs - Strategic vision and growth expectations towards 2030 No mention or data related to order book or pending orders was made in the excerpts provided.

See what CSB Bank management said on order book — free account, 30 seconds.

Capex plans

Yes

CSB Bank is undertaking a significant technology transformation as a key part of its strategic investment.
Replacement of almost all banking systems with modern, cutting-edge technology.
Establishment of four data centers (two each in Mumbai and Chennai) and a private cloud, all operational.
Installation of a modern technology command center in Navi Mumbai for comprehensive monitoring.
Implementation of the Service Now platform, enabling agility in launching new capabilities.
Development of an API Ecosystem combined with Enterprise Service Bus to integrate fintech and other partners seamlessly.
Significant investments in cybersecurity, including new security operation centers monitoring external and internal threats, and dark web surveillance.
Branch expansion is on track, with heavier expansion planned in the second half of the fiscal year.
Investments focus on building CASA franchise and supporting growth in retail assets, expected to yield results from FY '26-'27 onwards.
Overall capital expenditure is linked to technology, infrastructure, and branch network upgrades to support long-term sustainable growth.

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