Shares of Kerala-based private lender CSB Bank hit a six-month high on Friday after it elevated Pralay Mondal as Managing Director & CEO post receiving approval from the Reserve Bank of India. Mondal has been appointed for a three-year tenure.
Mondal joined CSB Bank in September 2020 from fellow private lender Axis Bank, where he headed the retail banking division. At CSB Bank, Mondal's first stint was as president of retail, SME, operations and IT, after which he was elevated to deputy managing director in February 2022. He had been the bank's interim MD & CEO since the start of the new financial year in April.
The new head of CSB Bank has also had prior stints at Yes Bank, HDFC Bank, Standard Chartered Bank, Wipro InfoTech and Colgate Palmolive. He is credited with pioneering efforts in doorstep banking and direct sales.
At CSB, Mondal has been working on enhancing the bank's retail franchise distribution and branches while also building a future-ready technology platform.
As of April this year, the bank had 603 branches compared to 512 in FY21. It now aims to open more branches in the central and northern parts of the country, away from its core market. The share of non-South branches of the bank increased to 20 percent with the total number of branches outside Kerala increasing to 56 percent in FY22.
In FY21, the bank's net interest income (NII) of Rs 1,153 crore crossed the Rs 1,000 crore mark for the first time in history. Asset quality has also improved in FY22 compared to FY21.
CSB Bank has not had a memorable run on the bourses after listing at a significant premium in December 2019. Shares even fell below their IPO price of Rs 195 at one point and are currently down 25 percent over the last year.
Shares of CSB Bank are trading 5 percent higher at Rs 240.15 as of 12:25 PM. All eight analysts that track the stock have a "buy" recommendation on it.
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