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DCB Bank share price rises after reporting 13% increase in Q4 net profit to Rs 78 crore

The private lender reported a 13 percent increase in net profit to Rs 78 crore for the January-March quarter compared to that of Rs 69 crore in the year-ago quarter.

May 10, 2021 / 10:02 AM IST
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DCB Bank share price gained over 2 percent in the morning session on May 10 after the bank declared its March quarter results.

The private lender on May 8 reported a 13 percent increase in net profit to Rs 78 crore for the January-March quarter compared to that of Rs 69 crore in the year-ago quarter.

Total income of the bank during the January-March quarter of 2020-21 fell to Rs 971 crore from Rs 1,012 crore in the same quarter of 2019-20, DCB Bank said in a regulatory filing. The income from interest as well as from investment fell during the reported quarter from a year ago.

For the FY2020-21, the bank’s net profit remained nearly flat at Rs 336 crore against Rs 338 crore in FY20. Income also was a tad down at Rs 3,917 crore in FY21 against Rs 3,928 crore in FY20.

The stock was trading at Rs 92.90, up Rs 2.15, or 2.37 percent at 09:40 hours. It has touched an intraday high of Rs 93.85 and an intraday low of Rs 91.10.

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The bank said it held contingency provision of Rs 229.11 crore against the likely impact of COVID-19 regulatory package, impact of the conclusion of the interim order (of Supreme Court on not declaring accounts as NPAs till August 31, 2020 and after) and other contingencies.

"In addition to this contingency provision of Rs 124 crore, the bank also holds floating provision amounting to Rs 108.80 crore, besides, provisions for standard assets and specific non-performing assets,” it said.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge with FII / FPI or institutions increasing their shareholding.

Moneycontrol technical rating is however neutral with moving averages and technical indicators being neutral.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: May 10, 2021 10:02 am

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