DCB Bank reported a 31 per cent increase in total net profit at Rs 127 crore, in its April-June quarter results for fiscal 2023-24 (Q1FY24), up from Rs 97 crore in the same period last year.
Total income climbed by 24 per cent to Rs 578 crore in the June quarter, compared to Rs 466 crore in the same quarter last year.
The bank’s Gross Non-Performing Assets (GNPA) increased sequentially to 3.26 per cent from 3.19 per cent in the preceding January-March quarter of fiscal 2022-23. However, gross NPA fell year on year (YoY), compared to 4.21 per cent in the same quarter last year.
Similarly, the bank’s net Non-Performing Assets (NNPA) increased sequentially to 1.19 per cent, up from 1.04 per cent in the previous January-March quarter of fiscal 2022-23. However, net NPA fell YoY, compared to 1.82 per cent in the fiscal 2022-23 June quarter.
“The bank delivered stable performance in Q1 FY 2024. Net interest margin and NPAs were in line with our expectation. Core products – mortgages, agri and inclusive banking, construction finance and co-lending delivered strong YoY growth”.
The provision coverage ratio (PCR) as of June 30, 2023 was 77.07 percent, while the PCR without gold loans NPAs was 77.4 per cent. The capital adequacy ratio was 17.09 per cent (according to Basel III standards, tier I was 14.78 per cent and tier II was 2.31 per cent).
Deposits at the bank increased by 22.5 per cent YoY to 43,009 crore in the quarter under review, up from 35,081 in the previous year. Net advances grew by 19 per cent YoY to 35,474 crore.
