Aided by a strong showing in its non-interest income, DBS Bank India recorded an almost four-fold increase in net profit at Rs 259 crore for the financial year ended March 31, 2009 as against Rs 65 crore in the previous year.
Its net interest income (NIM) during the same period grew 31 per cent to Rs 314.70 crore from Rs 240.70 crore, while net trading income increased to Rs 106.70 crore as against trading loss of Rs 73.10 crore in the previous year.
Income from fees and advances showed a five-fold growth at Rs 194.90 crore in the year as against Rs 36.40 crore at the end of the previous year.
Sanjiv Bhasin, general manager and chief executive officer of DBS Bank India, said, “The good showing in non-fund income is a result of our focus on short-term products like short-term credit, trade limits and letters of credit, which were offered to our customers through our eight new branches. We have also improved our cash management proposition. Non-fund income is going to be our focus for the next few years.”
Outpacing the growth in advances, the lender’s deposit base grew 18 per cent to Rs 6,022.90 crore in the financial year from Rs 5,095.70 crore at the end of the previous year.
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Aided by a strong showing in its non-interest income, DBS Bank India recorded an almost four-fold increase in net profit at Rs 259 crore for the financial year ended March 31, 2009 as against Rs 65 crore in the previous year.
