Development Credit Bank (DCB) reported a net profit of Rs 16 crore in the quarter ended December 31, 2011, against Rs 8 crore in the corresponding year-ago period.
Net interest income increased to Rs 60 crore (Rs 49 crore), while other income was unchanged at Rs 26 crore, according to a press release issued by the bank. Net advances grew to Rs 4,306 crore as on (Rs 3,956 crore), a growth rate of 9 per cent. Deposits grew by 10 per cent to Rs 6,191 crore (Rs 5,651 crore).
Net interest margin (NIM) increased to 3.37 per cent (3.13 per cent).
Speaking about the performance, Mr Murali M. Natrajan, Managing Director and CEO, said, “We are achieving strong growth in retail mortgages, micro small and medium enterprises business. We are taking a conservative approach to corporate lending, as a result overall advances remains at the same level as the last quarter.”
The ratio of net non performing loans to total loans fell to 1.03 per cent (1.3 per cent).