Singaporean lender DBS' Indian subsidiary on Tuesday announced that its net profit grew 36.52 per cent to Rs 228 crore in FY23.
The lender, among the first few foreign banks to operate as a wholly-owned subsidiary, had reported a net profit of Rs 167 crore in FY22.
It can be noted that in December 2022, the bank announced that integration with the domestic private sector lender Laxmi Vilas Bank has been completed but said it will take another 18 months to shed the impact of the merger with the struggling domestic bank.
DBS Bank India's managing director and chief executive Surojit Shome said there were one-time and ongoing costs because of the integration process across the technology platform, branch network and human resources.
"Despite that, overall performance parameters were better than the previous year with robust growth across all our businesses as we continued to make meaningful strides towards improving our business momentum, asset quality, and depth of our talent," he added.
Shome exuded confidence that its expanded network and digital capabilities can help scale the small business segment and strengthen the large corporate business.
DBS Bank India's net revenues grew 16 per cent in FY23 to Rs 3,351 crore, up from Rs 2,892 crore in the year-ago period.
Stable income, which includes the core net interest income and fee income, grew 18 per cent to Rs 3,068 crore during the fiscal.
It reported a 10 per cent growth in customer assets to Rs 50,701 crore at the end of the fiscal against Rs 46,250 crore in the year-ago period.
There was an improvement on the asset quality front, with the gross non-performing assets ratio coming down to 5.61 per cent from 9.5 per cent, it said.
The capital adequacy ratio stood at 15 per cent as on March 31, 2023.
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