Private sector lender DCB Bank has reported a net profit of Rs 156 crore in the January-March quarter as compared with Rs 142 crore in the year-ago quarter. Net interest income of the bank, during the quarter, rose to Rs 508 crores compared with Rs 486 crores in the year-ago period. Similarly, total income rose to Rs 644 crores from Rs 608 crores in the year-ago period.
Advances growth on a year-on-year basis stood at 19 per cent while deposits grew by 20 percent in the same period, the bank informed the stock exchanges on April 24. Within advances, mortgages grew by 22 percent while co-lending growth stood at 23 per cent, the bank said.
Praveen Kutty, designated managing director and CEO of the bank said the bank is focusing on certain areas including mortgages, agriculture, construction finance and gold. During the quarter, the bank's deposit franchise too posted a strong growth, Kutty added.
Gross non-performing assets (GNPAs) , during the quarter, declined to 3.23 per cent as compare with 3.19 per cent in the year-ago quarter. Capital adequacy ratio of the bank stood at 16.59 per cent at the end of March 31, 2024, the bank said. Net NPAs rose to 1.11 per cent from 1.04 per cent in the corresponding quarter last year.
The bank's provision coverage ratio, at the end of March quarter, stood at 77.30 per cent, the bank said.
Shares of DCB bank was trading at Rs 136.25 apiece on BSE at the time of filing this copy.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
