DCB Bank gains on inaugurating its 50th branch in Chandrasekharpur, Odisha

DCB Bank rose 1.20% to Rs 71.75 after the bank announced the opening of its 50th branch in Chandrasekharpur, Odisha, a resident and commercial locality in capital city Bhubaneswar.

The new branch is a part of DCB Bank's expansion plan in Odisha which will offer customers a range of retail banking services such as savings and current accounts (CASA), fixed deposits (FD) and various loan products. It will provide a variety of loans to farmers, agri, micro and small businesses, local artisans such as Patachittra artists, Small Road Transport Operator (SRTO) and individuals.

The branch will also disburse loans for tractors, high-tech farming, educational institutions, retail small ticket micro finance loans and Kisan Credit Card to farmers, in addition to loans against gold and loans to MSMEs. The Bank has financed construction projects particularly focused towards affordable housing. DCB Bank also simultaneously opened branches today at Junagarh in Kalahandi district, Khariar in Nuapada district and Padampur in Bargarh district of the state.

The net profit of DCB Bank declined 21.66% to Rs 75.37 crore in the quarter ended December 2021 as against Rs 96.21 crore during the previous quarter ended December 2020. Total operating income rose 1% to Rs 878.08 crore in the quarter ended December 2021 as against Rs 869.35 crore during the previous quarter ended December 2020.

DCB Bank is a new generation private sector bank with 367 branches across India as on 31 December 2021. It is a scheduled commercial bank regulated by the Reserve Bank of India. DCB Bank has contemporary technology and infrastructure, including ATMs, internet banking for personal as well as business banking customers and mobile banking app.

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