DCB Bank net profit rises 50% to Rs 96 crore in March quarter on healthy core income and restricted bad assets
DCB Bank's net profit was Rs 64 crore in the corresponding January-March quarter of 2017-18
The net interest income increased 14 percent to Rs 301 crore, while non-interest income rose 17 percent to Rs 99 crore
For the entire financial year 2018-19, the net profit of the bank rose 33 percent to Rs 325 crore
Income during the year was up by Rs 1,499 crore from Rs 1,306 crore in the preceding fiscal
New Delhi: Private sector DCB Bank Thursday said its net profit rose by 50 percent to Rs 96 crore during the fourth quarter ended March on healthy core income and restricted bad assets.
The bank's net profit was Rs 64 crore in the corresponding January-March quarter of 2017-18.
Its total income rose 15 percent to Rs 400 crore during the quarter, compared with Rs 349 crore in the corresponding period of the fiscal ended March 2018, the bank said in a release.
The net interest income increased 14 percent to Rs 301 crore, while non-interest income rose 17 percent to Rs 99 crore.
For the entire financial year 2018-19, the net profit of the bank rose 33 percent to Rs 325 crore as compared with Rs 245 crore in the year-ago period.
Income during the year was up by Rs 1,499 crore from Rs 1,306 crore in the preceding fiscal.
n the asset front, the bank's gross non-performing assets (NPAs) stood at 1.84 percent of gross advances as on March 31, 2019, as compared to 1.79 percent as on March 31, 2018. Net NPA ratio stood at 0.65 percent as compared to 0.72 percent.
"Our aim is to deliver measured and balanced growth while focusing on steady improvement in the cost-to-income ratio, return on assets and return on equity. We are succeeding in our efforts to improve productivity and capital utilisation and the same is reflected in our performance," Murali M Natrajan, managing director and chief executive officer, DCB Bank, said.
Shares of the bank traded at Rs 203.10 apiece, up 0.5 percent from the previous closing.
DCB Bank has witnessed a significant jump in its foreign remittance services on the coronavirus outbreak, specially for education purposes, as parents want to ensure their children abroad have sufficient money to sustain themselves in the situation of a lockdown
BCSBI is an independent body set up by the RBI. It's objectives are to promote good banking practises, setting minimum standards, increasing transparency, achieving higher operating standards and promoting a cordial banker-customer relationship
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