 "After RBI issued a framework to convert foreign banks' branches into subsidiaries in 2013, only DBS Bank and State Bank of Mauritius had received in-principle nod to adopt this route.")
DBS Bank India Ltd's (DBIL) net profit rose to Rs 312 crore for the year ended March 2021 (FY21), up from Rs 111 crore in FY20. This rise in net profit is despite the impact of acquisition of ailing private lender Lakshmi Vilas Bank (LBB) in FY21.
DBIL, subsidiary of Singapore-based DBS, had acquired LVB in FY21. The bank adopted the concessional tax regime, resulting in an additional charge of Rs 184 crore on account of one-time adjustments.
The revenues for DBIL grew by 85 per cent to Rs 2,673 crore, including Rs 134 crore from LVB, in FY2021 from
