Development Corporation Bank clocks 115% rise in Q1 net at Rs 18.9 crore

MUMBAI: Development Corporation Bank ( DCB) today reported a 115 per cent rise in its net profit for the quarter ended June 30, 2012 at Rs 18.9 crore.

Net profit during April-June a year ago was Rs 8.8 crore, the bank said in a BSE filing.

The bank's income in the first quarter grew to Rs 92 crore, up from Rs 76 crore a year earlier.

Its net interest income (income from interest on loans after paying depositors) grew to Rs 64 crore during the quarter, up from Rs 52 crore in the year-ago period.

DCB's net interest margin - a key gauge of profitability - grew to 3.18 per cent from 3.10 per cent.

The bank's deposit grew by 14 per cent from a year ago to Rs 6,829 crore, while advances were up 29 per cent to Rs 5,449 crore as on June 30, 2012.

"We have made a good start to FY2013. We aim to build further momentum in the coming months, however, we will remain cautious given the current external environment," said Murali M Natarajan, Managing Director and Chief Executive Officer, DCB in a statement.