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HomeNewsBusinessEarningsDCB Bank Q1 Results: Net profit grows 31% to Rs 127 cr

DCB Bank Q1 Results: Net profit grows 31% to Rs 127 cr

Gross NPA ratio stood at 3.26% as of June end, against 4.21% a year ago, and 3.19% in March quarter.

July 29, 2023 / 20:44 IST
The net non-performing assets (NNPAs) of the bank spiked/fell to xx percent compared with 1.82 percent last year.

Mumbai-based private sector lender DCB Bank on July 28 reported a 31 percent rise in net profit to Rs 127 crore for the April-June FY24 quarter, as against Rs 97 crore recorded in the year-ago period.

The lender's Gross NPA (GNPA) ratio stood at 3.26% as of June end, against 4.21% a year ago, and 3.19% in March quarter. In absolute terms, the bank's gross NPA stood at Rs 1,181.38 crore as on June 30, against Rs 1,288.50 crore in the year-ago period.

The private sector bank's Net NPA (NNPA) ratio stood at 1.19 percent as of June end, compared to 1.82% a year ago, and 1.04% a quarter ago. In absolute terms, the bank's net NPA stood at Rs 423.89 crore as on June 30, against Rs 543.61 crore in the year-ago period.

Total income in the quarter increased to Rs 578 crore as compared to Rs 466 crore recorded in the year-ago period, a 24% increase, DCB Bank's regulatory filing showed. The total interest income of the bank was Rs 1,238 crore in the April-June quarter, up from Rs 949 crore in year-ago period. In the reporting quarter, the net interest income, rose 25.93 percent on-year to Rs 471 crore. Non-interest income during the quarter improved to Rs 107 crore from Rs 92 crore, in the year-ago period, showing an increase of 16 percent. Operating profit in the quarter increased to Rs 209 crore from Rs 166 crore in the same period a year ago.

The bank's Operating profit for the quarter, before provisions and contingencies, surged 25.6% YoY to Rs 208.67 crore. Provisions and contingencies rose to Rs 37.73 crore in April-June 2022-23 as against Rs 35.01 crore in the year-ago period. At the end of first quarter, Provisioning Coverage Ratio (PCR) stood at 77.07 percent.

The capital adequacy ratio continues to be strong, the private lender said. As on June 30, 2023, it stood at 17.09 percent (with Tier I at 14.78% and Tier II at 2.31% as per Basel III norms).

Speaking on the Q1 FY 2024 results, Murali M. Natrajan, MD & CEO said, “The Bank delivered stable performance in Q1 FY 2024. Net Interest Margin and NPAs were in line with our expectation. Core products - Mortgages, Agri & Inclusive Banking, Construction Finance and Co-lending delivered strong YoY growth”.

Total assets grew by 21.56 percent on YoY basis to Rs 54,974 crore as on June 30, 2023 against Rs 45,221 crore as on June 30, 2022.

Deposits of the bank increased by 22.5 percent YoY to Rs 43,009 crore in the quarter under review compared with 35,081 in the year-ago period.

Net advances increased by 19 percent YoY to Rs 35,474 crore.

Current account and savings account (CASA) went up by 25.97 percent YoY in the April-June FY24 quarter.

Shares of DCB Bank on July 28 closed at Rs 128.755 apiece on the BSE, 0.89 percent lower than the previous close.

Moneycontrol News
first published: Jul 28, 2023 06:37 pm

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