DCB to open 30 more branches by FY09

The Mumbai-based Development Credit Bank (DCB) plans to open 30 more branches across India by the end of 2008-09 to take the total number of branches to 110. The bank today opened its 77th branch in Bangalore.

According to Gautam Vir, managing director and CEO, though the bank has been focusing on the western region for growth, it opened the fourth branch in Bangalore owing to the city's entrepreneurial spirit and high density of enterprises. At present, 16 of the bank's 80 branches are in south. The new branch in Bangalore will cater to the expanding trading community and the salaried class.

The bank's net profit for the quarter-ended June 30, went up 32 per cent to Rs 5.74 crore. During FY07, the bank's loans and deposits both went up 40 per cent.