DCB Bank net up 72% at Rs 27 crore in Dec quarter

Medium-sized private lender DCB Bank today reported a 72.43% increase in net profit at Rs 26.9 crore for the third quarter ended December 31, against Rs 15.6 crore in the corresponding period last fiscal.

During the quarter under review, deposits grew by 22% at Rs 7,558 crore, while advances increased by 39% at Rs 5,964 crore compared to the year-ago period, the bank said in a statement here.

The bank's net interest margin (NIM) improved marginally to 3.38% in third quarter against 3.37% in the same quarter last year. Net non-performing assets ratio stood at 0.73% against 1.03% in the same period last year, it said.

Provisions continued to decline in the October-December period and stood at Rs 4.9 crore against Rs 6.9 crore in the corresponding quarter last year.

"Business momentum is steadily increasing. NPAs are in control although environment has been difficult. We plan to increase our branch network in the coming months," DCB Bank Managing Director and Chief Executive Murali Natrajan said.

The Mumbai-based lender recently raised Rs 40.23 crore of Tier I capital through preferential allotment, the release said.