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Small-sized Development Credit Bank (DCB Bank) today said its profit doubled to Rs 34 crore for the March quarter on robust growth in advances and an improvement in asset quality which saw its margins improving.
Development Credit Bank’s net profit doubled to Rs 34 crore in the fourth quarter ending March 2013 on the back of higher interest income and improved margins.
The new generation private sector lender had posted a net profit of Rs 17 crore in Q4 FY12.
Net interest margin (NIM) for the March quarter increased to 3.52 per cent as against 3.12 per cent in the year-ago quarter.
Net interest income rose 44 per cent to Rs 82 crore (from Rs 57 crore in year-ago period).
Non-interest income increased 18 per cent to Rs 33 crore (Rs 28 crore)
Year-on-year, advances grew 25 per cent to Rs 6,586 crore as on March-end 2013 from Rs 5,284 crore as on March 31, 2012.
Accordingly, total deposits increased 32 per cent to Rs 8,364 crore from Rs 6,336 crore in March FY12. Retail deposits accounted for 77 per cent of total deposits.
Full-year results
Net profit for the full year ending March 2012-13 rose 85 per cent to Rs 102 crore against Rs 55 crore in the previous fiscal.
NIM for FY13 stood at 3.34 per cent (3.25 per cent for FY12).
The shares of the bank ended 1.04 per cent higher at Rs 43.55 on the Bombay Stock Exchange.
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