Why is there so much of buying interest seen in Catholic and Syrian Bank in the last few days?

Shares of CSB Bank, on Friday, rallied sharply to a 52-week high of Rs 273.95 on Friday but did not manage to sustain at higher levels. However, it must be noted that CSB Bank is up nearly 3X since the lows of March last year. It also just surpassed its previous 52-week high of Rs 270 which the stock had scaled in November 2020. The next target for the stock would be to scale towards its life-time high of Rs.314 which it had scaled on December 5, 2019.

CSB Bank is backed by Canada based Fairfax group. For the Dec-20 quarter, CSB Bank had reported a strong 89% growth in net profit at Rs.53 crore. Strategically, CSB has been very selective about its loan portfolio and has focused more on its gold loan business this year. CSB recently roped in former Axis Bank veteran, Pralay Mondal to drive their retail and SME portfolio. Most brokers are also expecting the NIM to expand from 3.34% to 4.40% by FY23.