DCB Bank hits 52-week high after strong Q3 numbers

DCB Bank rose 3.8% to Rs 58.80 at 9:16 IST on BSE after net profit surged 35% to Rs 36 crore on 26% growth in total income to Rs 127 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced after market hours on Wednesday, 15 January 2014.

Meanwhile, the S&P BSE Sensex was up 45.39 points or 0.21% at 21,334.88.

On BSE, so far 2.31 lakh shares were traded in the counter as against average daily volume of 3.49 lakh shares in the past two weeks.

The stock hit a high of Rs 59.85 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 58.70 so far during the day. The stock had hit a 52-week low of Rs 38.05 on 28 August 2013.

DCB Bank's CASA ratio as on 31 December 2013 was at 24.8% as against 28.87% as on 31 December 2012.

Retail Deposits (Retail CASA and Retail Term Deposits) continued to provide a stable resource base to the bank. Retail deposits were at 77% of Total Deposits as on 31 December 2013.

The bank's net advances rose 23% YoY to Rs 7361 crore as on 31 December 2013.

DCB Bank's ratio of net non-performing assets (NPAs) to net advances stood at 0.77% as on 31 December 2013, compared with 0.86% as on 30 September 2013 and 0.73% as on 31 December 2012.

The bank's ratio of gross NPAs to gross advances stood at 2.77% as on 31 December 2013, compared with 3.43% as on 30 September 2013 and 3.8% as on 31 December 2012.

Provisions and contingencies surged 100% to Rs 10 crore in Q3 December 2013 over Q3 December 2012. Provision coverage ratio as on 31 December 2013 works out to 84.25%.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 12.86% as on 31 December 2013, compared with 13.84% as on 30 September 2013.

The Bank's balance sheet grew 24% to Rs 11989 crore as on 31 December 2013, from Rs 9644 crore as on 31 December 2012.

Commenting on the results, Mr. Murali M. Natrajan, MD & CEO, DCB Bank said, "In a difficult market, so far, we have been able to contain NPAs. However, we need to continue to be watchful. We are expanding our branch network in a calibrated manner and we hope that the new branches will help us to continue to achieve a diversified portfolio and deposit growth".

DCB Bank's branch network stood at 115 branches as on 31 December 2013.

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