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DCB Bank Q2 net profit up 31%

Press Trust of India / New Delhi 15 Oct 16 | 12:38 AM

DCB Bank today posted a 31.30 per cent increase in net profit at Rs 48.9 crore for the quarter ended on September 30, 2016.

The bank had recorded a net profit of Rs 36.9 crore in the corresponding quarter of last fiscal, DCB Bank said in a filing to BSE.

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Total income of the lender increased to Rs 567.8 crore during the quarter under review, as against Rs 464.8 crore over the corresponding period of 2015-16.

The gross Non-performing Assets (NPAs) of the bank increased to 1.75 per cent of total advances, from 1.72 per cent at the end of second quarter of 2015-16.

However, net NPAs reduced to 0.84 per cent from 0.87 per cent of the total assets.

The bank set aside Rs 26.48 crore as provisions, against Rs 21.67 crore in the year-ago quarter.

The mid-size bank's core net interest income rose to Rs 190 crore from Rs 150 crore, a growth of 27 per cent, DCB Bank said in a statement, adding the non-interest income jumped to Rs 62 crore from Rs 49 crore.

The key profit metric net interest margin, the difference between interest paid and earned, rose marginally to 3.96 per cent from 3.79 per cent a year ago.

Net interest income rose 22 per cent to Rs 506 crore from Rs 416 crore, during the July-September period, it said.

Net advances grew at Rs 14,436 crore from Rs 11,181 crore. Out of this, non-corporate advances stood at Rs 12,178 crore, up 36 per cent from Rs 8,984 crore.

Deposits grew 30 per cent Rs 17,685 crore, out of which Casa and retail term deposits constituted 77 per cent, taking the Casa ratio to 22 per cent, down from 24 per cent a year ago.

The bank's restructured standard advances stood at Rs 29 crore, or 0.20 per cent of net advances comprising three accounts.

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