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Last Updated : Jul 16, 2019 08:28 PM IST | Source: PTI

DCB Bank net profit rises 17% to Rs 81 cr in June quarter

DCB Bank said its net advances as on June 30 rose to Rs 24,044 crore, up by 13 per cent from Rs 21,243 crore in the year-ago quarter.

 
 
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DCB Bank July 16 reported a rise of 17 per cent in its net profit to Rs 81 crore for the first quarter ended June 30. The bank's net profit in the April-June 2018 quarter had stood at Rs 70 crore.

Total income during the quarter rose 10 per cent to Rs 392 crore as against Rs 356 crore in the year-ago period, the bank said in a regulatory filing.

Net interest income moved up to Rs 305 crore from Rs 273 crore, while the non-interest income during the quarter stood at Rs 87 crore as compared with Rs 83 crore a year ago.

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DCB Bank said its net advances as on June 30 rose to Rs 24,044 crore, up by 13 per cent from Rs 21,243 crore in the year-ago quarter. Deposits grew 15 per cent to Rs 28,789 crore.

"We are focussing on granular retail term deposits in order to further improve our deposit profile. Some margin pressure will be felt for two more quarters, beyond which, we expect stability due to re-pricing profile of long-term refinance and renewal cycle of customer deposits," said Murali M Natarajan, managing director and chief executive officer, DCB Bank.

The net interest margin, a key gauge of profitability, stood at 3.67 per cent during the quarter.

The lender witnessed an uptick in its bad loan proportion, with the gross non-performing assets (NPAs) rising to 1.96 per cent of the gross advances as on June 30, 2019, from 1.86 per cent in the corresponding period of 2018.

On the gross NPA movement, the fresh slippages during the June quarter of the current fiscal increased to Rs 145.4 crore, compared with Rs 107.1 crore a year ago. While write-offs increased to Rs 43.3 crore, against Rs 7.8 crore in the year-ago corresponding quarter.

Net NPAs rose to 0.81 per cent, compared with 0.72 per cent a year ago.

Shares of DCB Bank on Tuesday closed 1.27 per cent higher at Rs 238.80 apiece on the BSE.

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First Published on Jul 16, 2019 08:27 pm
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