DCB Bank's standalone net profit surged 73% to Rs 112.35 crore on 1.37% rise in total income to Rs 1,099.21 crore in Q2 FY23 over Q2 FY22.
Profit before tax (PBT) jumped 70.7% year on year to Rs 151.55 crore in the quarter ended 30 September 2022. The operating profit before provisions and contingencies for Q2 FY23 was Rs 182.55 crore, up 4.2% YoY.The bank earned net interest income of Rs 411 crore in Q2 FY23 as against Rs 323 crore posted in Q2 FY22. In Q2 FY23, net interest margin (NIM) was at 3.88% as against 3.37% in Q2 FY22.
The bank's provisions and contingencies (excluding tax provisions) declined by 64.1% to Rs 31 crore in Q2 FY23 over Q2 FY22. The provision coverage ratio (PCR) as on 30 September 2022 was at 72.83% and PCR without considering gold loans NPAs was at 74.21%.
The bank's gross non-performing assets (NPAs) stood at Rs 1,249.19 crore as on 30 September 2022 as against Rs 1,288.50 crore as on 30 June 2022 and Rs 1,284.93 crore as on 30 September 2021.
The ratio of gross NPAs to gross advances stood at 3.89% as on 30 September 2022 as against 4.21% as on 30 June 2022 and 4.73% as on 30 September 2021.
The ratio of net NPAs to net advances stood at 1.54% as on 30 September 2022 as against 1.82% as on 30 June 2022 and 2.66% as on 30 September 2021.
As on 30 September 2022, net advances stood at Rs 31,291 crore, a 17.9% growth as compared to the previous year and deposits grew 16% year on year to Rs 36,960 crore. CASA ratio was at 29.34% as on 30 September 2022 as against 25.38% as on 30 September 2021.
As on 30 September 2022, the Capital Adequacy Ratio continued to be strong at 17.91 % (with tier I at 14.94% and tier II at 2.97% as per basel Ill norms).
Murali M. Natrajan, managing director & CEO said: "Cost Investments so far, yielding desired disbursals/ growth momentum in loans. We expect to improve further. Upgrades and recoveries continue to be strong. Restructured portfolio performing in line with expectations. GNPA and NNPA steadily declining."
DCB Bank is a new generation private sector bank with 400 branches across 18 states and 2 union territories.
The scrip jumped 7.17% to end at Rs 119.60 on Friday, 4 November 2022.
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