Wednesday, 28 June 2017

CATHOLIC SYRIA BANK LIMITED (i.e CSB), LEADING KERALA BASED UNLISTED BANK, MAJOR HOLDING BY MR. PREM WATSA- 2017 FINANCIAL UPDATE


CATHOLIC SYRIAN BANK LTD also pronounced as CSB, was incorporated in year 1920 at Thrissur, Kerala. Catholic Syrian Bank Ltd initially for the first two decades focused is operations only in the state of Kerala. During 1960, with strategies of merger and acquisition CSB took over the assets and liabilities of 5 small banks located in kerala thereby initiating its expansion plan. As on date since 2016, company owns around 429 branches and 240 ATMs network all across India.

In May, RBI has given guidelines for ownership in private banks to allow regulated, well-diversified and listed or supranational institutions to own up to 40%, but it had also allowed for exemptions “as permitted on a case to case basis.” Foreign direct investment in private banks continues to be capped at 74%. Based on this Fairfax India Holdings Corp. owned by Prem Watsa was allowed by RBI to hold a majority stake in catholic Syrian bank. As on Nov 2016, Prem Watsa picked up around 51% stake in the bank.

(Read Article on - Fairfax Stake Purchase

Catholic Syrian Bank Ltd has filled draft prospect for IPO with SEBI in March 2015. Due to market condition now been favorable for the IPO and other relevant factors board of directors did not proceed with the IPO plan. But the company continues to make preferential allotment per IPO which shall be available as offer for sale when the IPO process is taken up once again. At the time of IPO (2015-2016) news PE valuators had valued the company at Rs. 4000-4800 crs.

(Read article on IPOCSE IPO ALERT)


Financial Highlights – 2017 & 2016      (Fig. in crs)

Particulars
2017
2016
Total Income
1617.5
1588
PAT
1.55
-150
EPS
0.19
-20.86
CAR
12.15%
10.55%
Gross NPA
7.25%
5.62%
Net NPA
5.51%
4.40%
ROA
0.01%
-0.92
EQ
81.01
71.76
FV
10
10
BV
123
124
Advances
8118
7852
Deposits
14911
14438




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