CSB Bank falls after Canadian public pension fund’s exit

Omers had bought 35.89 lakh equity shares or 2.07 percent stake in CSB Bank at Rs 195 per share, in November 2019.

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CSB Bank share price fell over 2 percent on July 14, a day after foreign portfolio investor Omers Administration Corporation sold its entire shareholding in the bank via open market transactions.

Omers stands for Ontario Municipal Employees Retirement System. It is a Canadian public pension fund. Back in 2019, it was the single largest anchor investor in CSB Bank IPO.

At 10:30 am, CSB Bank stock was quoting at Rs 289.90 on the NSE, about 1.9 percent lower from the previous close. The stock has rallied over 30 percent from the March lows.

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Omers sold 20.89 lakh shares in the private sector lender at an average price of Rs 295.02 per share, and 15 lakh shares at an average price of Rs 295 per share, as per the bulk deals data available on the exchanges.

The entire stake sale was worth Rs 105.9 crore. Omers had bought 35.89 lakh equity shares or 2.07 percent stake in CSB Bank at Rs 195 per share, in November 2019.

For the quarter ended March 2023, the lender had reported a 19 percent rise in net profit on higher income from both core and non-core verticals. The net profit stood at Rs 156 crore against Rs 131 crore in the year-ago period.

The lender’s net interest margin was at 5.38 percent for the March quarter, against 5.42 percent in the corresponding period last year. Net interest income rose 15 percent YoY at Rs 349 crore.

According to ICICI Direct, CSB Bank has gold and SME as its key loan segments. “Change in business strategy has led to an improved performance in the past few years. We have a buy call with a target price of Rs 330,” noted the brokerage.

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