Corporate social responsibility (CSR) practices should “strive to make a profit, obey the law, be ethical, and be a good corporate citizen” (Carrol, 1999, p. 289) and therefore have the primary aim to achieve economic, ethical and philanthropic outcomes. Previous research has demonstrated benefits of CSR practices for those organizations that have implemented them, such as higher purchase intentions (Becker-Olsen et al., 2006), an increase in profits (Bhattacharya and Sen, 2004), cost of capital and share price (Gray et al., 1995; Cormier et al., 2011), as well as positive brand attitudes (Brown and Dacin, 1997; van Doorn et al., 2017). Consequently, CSR strategies have been popular with banking organizations and have become a well-established notion in the financial services industry (Fatma and Rahman, 2016; McDonald and Rundle-Thiele, 2008; Scholtens, 2009). CSR can have both financial and strategic advantages for banking industries (Jizi et al., 2014).