Deutsche Bank FY15 net profit up 93% in India

German lender Deutsche Bank today reported a 93 percent jump in profit from its Indian branches at Rs 1,406 crore for financial year 2014-15. The bank, in news for the resignation of its India-born co-chief executive Anshu Jain, had reported a post tax net of Rs 729 crore in the year-ago period.

The profit before tax was up 81 percent to Rs 2,544 crore, while the net revenue jumped 45 percent to Rs 3,925 crore, the bank said in a statement.

Attributing the jump to a "strategic focus" on the country, its country chief executive Ravneet Gill said the performance was also possible because of the tight cost to income ratio and keeping asset quality in check as the net non-performing assets were at 0.13 percent.

The bank has 17 branches in the country and the numbers exclude the performance of other entities in the group like equity broking, asset management, corporate finance, outsourcing or the Non Banking Finance Company (NBFC), it said.

The bank reported a 25 percent jump in advances driven by both retail and wholesale advances, which is a lot higher than the 10 percent credit growth for the system, while deposits zoomed by 48 percent, it said.

The operating expenses were up by only 8 percent to Rs 1,364 crore and the profit per employee surged 88 percent to over Rs 79 lakh. The cost to income ratio improved to 35 percent from the year ago's 47 percent.

The overall balance sheet size increased 7 percent to Rs 61,597 crore and the capital base in the country stood at Rs 9,453 crore as of March 31, it said, adding that the capital adequacy ratio was at 15.62 percent.