Development Credit Bank's Q1 net soars to Rs 43 cr

MUMBAI: Development Credit Bank today said it has posted higher net profit of Rs 43 crore in the first quarter of fiscal 2013-2014 as compared to Rs 19 crore in the same quarter last fiscal.

Underlying net profit, excluding one-time treasury gains and one-time operating costs, was at Rs 35 crore approximately, for Q1 FY 2014, the bank statement said.

As on June 30, 2013 the bank's deposits grew 22 per cent at Rs 8,320 crore while net advances by 19 per cent at Rs 6,471 crore as compared to June 30, 2012.

Net advances grew to Rs 6,471 crore as on June 30 from Rs 5,449 crore as on June 30, 2012 a growth rate of 19 per cent.

Net interest margin for Q1 FY 2014 stands at 3.44 percent as against 3.18 percent for Q1 FY 2013.

As on June 30, 2013, the banks total assets stood at Rs 10,993 crore as against Rs 9,100 crore as on June 30, 2012, a growth rate of 21 percent.

The bank's capital adequacy ratio was at 13.89 percent under Basel II and 13.75 percent under Basel III.

"While pursuing diversified loans growth and branch expansion agenda, we have to work a lot harder to ensure that corporate and SME NPAs remain in control. It is not an easy task in the current environment," DCB Bank Managing Director & CEO Murali M Natrajan said.