The Thrissur-based Catholic Syrian Bank (CSB) has received shareholders’ nod for Initial Public offering (IPO) of shares. At the 92nd annual general meeting of the bank, held here on Monday, the shareholders unanimously approved the special resolution seeking approval for the same. The general meeting has also declared a dividend of 15 per cent to the shareholders.
Addressing the shareholders, bank chairman S Santhanakrishnan said that the bank was able to maintain all-round improvement in performance in all metrics. “While the business has grown at 16 per cent in line with the industry rate for the referred period, the net profit has increased at a healthy level of 26.14 per cent. There was a steady and sustainable growth in business volume, revenues and profits. Going forward, the bank is specifically focusing on leveraging technology and penetrate into the SME landscape to face new challenges,” he said.
He further said that since the implementation of the Basel III regime and the transitional arrangement for the same have come into vogue with effect from the beginning of this financial year, the bank is currently in the process of raising capital through the preferential allotment basis subject to the regulatory approvals. The bank’s initial public offering of shares follows after completion of the preferential allotment of shares.
At the meeting, directors K Subrahmanya Sarma, S Ramakrishnan and Bobby Jos C were unanimously reappointed to Board.