DCB Bank Q2 net profit up 24%

Private sector lender DCB Bank (formerly Development Credit Bank) reported a net profit of Rs 41 crore for the quarter ended September 30, which is higher by 24 per cent as compared to the same period of the previous year.

The rise in profit was mainly on account of higher net interest income or the difference between interest earned and interest expended, up 24.5 per cent to Rs 335 crore.

“During the quarter, the bank’s interest income included interest on income tax refund of Rs 5 crore and a corresponding tax expense of Rs 1 crore,” the bank said in a release.

Net interest margin, a key indicator of a bank’s profitability, was at 3.72 per cent in the second quarter as against 3.68 per cent in the corresponding period of the last financial year.