DCB Q3 net up 51% to Rs 86 cr on higher interest income

Private sector lender DCB Bank Wednesday reported a 51 per cent jump in its net profit at Rs 86 crore in the quarter ended December 31, helped by higher interest income.

The bank had reported a profit after tax of Rs 57 crore in the same quarter last year.

"The growth in profit was on account of higher interest income and also as our cost to income ratio declined," its managing director and CEO, Murali Natrajan, said.

The cost to income ratio in the quarter stood at 55.22 per cent in the quarter from 62.34 per cent last year.

Its net interest income grew 17 per cent at Rs 294 crore as against Rs 250 crore as compared to last year.

The gross non-performing assets stood at 1.92 per cent as against 1.89 per cent, while net NPA was stable at 0.71 per cent.

Net interest margin declined to 3.83 per cent from 4.12 per cent in the year-ago quarter.

Advances grew 23 per cent to Rs 22,888 crore as on December 31, 2018 from Rs 18,595 crore last year. Deposits grew by 29 per cent to Rs 27,509 crore.