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DCB Bank Ltd. reported a 35.5% year-on-year rise in first-quarter net profit as lower provisions and improving asset quality offset pressure on margins.
The private lender posted a net profit of Rs 213 crore for the quarter ended June 30, compared with Rs 157 crore a year earlier, according to an exchange filing on Friday.
Net interest income rose 17.7% to Rs 684 crore from Rs 581 crore in the corresponding quarter last year. Asset quality improved sequentially, with the gross non-performing asset ratio easing to 2.43% from 2.45% at the end of March, while the net NPA ratio declined to 0.84% from 0.89%.
ALSO READ: DCB Bank Q4 Results: Net Profit Jumps 16% To Rs 206 Crore; Dividend Declared
Provisions more than halved to Rs 57 crore from Rs 115 crore a year ago and fell from Rs 69 crore in the preceding quarter, supporting earnings growth.
The bank said advances grew 17% year-on-year, while deposits increased 20%, reflecting continued business momentum. Capital adequacy remained healthy at 17.03% under Basel III norms as of June 30.
"The growth momentum over the year on both deposits and advances continue to be strong. There has been marked improvement on most levers of profitability, resulting in 36% increase in profit after tax, compared to previous year," Managing Director and CEO Praveen Kutty said in the company's press release.
Kutty added that lower credit costs and improving portfolio quality helped the bank deliver its highest-ever quarterly profit for the fourth consecutive quarter, alongside an improvement in return on equity.
DCB Bank Q1 FY27
- Net profit up 35.5% to Rs 213 crore from Rs 157 crore YoY
- Net interest income (NII) up 17.7% to Rs 684 crore from Rs 581 crore YoY
- Gross NPA improved to 2.43% from 2.45% QoQ
- Net NPA improved to 0.84% from 0.89% QoQ
- Provisions down to Rs 57 crore from Rs 115 crore YoY
- Provisions down to Rs 57 crore from Rs 69 crore QoQ
from NDTV News- Special https://ift.tt/HzaUdrJ
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