Shares of DCB Bank dropped nearly 2 percent in early trade on November 1 post reporting muted Q2 numbers. At 10:01 am the DCB Bank stock was trading 1.53 percent lower at Rs 112.45 on NSE.
Private sector lender DCB Bank has reported a 13 percent on-year growth in profit at Rs 127 crore for quarter ended September FY24, with operating profit rising 15.3 percent YoY to Rs 211 crore and other income up 8 percent at Rs 107 crore.
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Net interest income increased by 15.8 percent to Rs 476 crore compared to year-ago period, with deposits growing 15.2 percent to Rs 45,496 crore and net advances climbing 13 percent to Rs 37,276 crore during the same period. On the asset quality front, gross NPAs increased by 10 bps QoQ to 3.36 percent and net NPAs rose 9 bps to 1.28% for the quarter.
Brokerage Views
Axis Securities is bullish on DCB Bank and has recommended a ‘buy’ rating on the stock with a target price of Rs 150 in a research report.
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Stock Performance
The DCB Bank stock has given a return of 4.70 percent over the last six months. The benchmark Nifty Bank index has lost 1.17 percent of its value over the same duration.
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