DCB Bank Q2 profit up 21% at Rs59 crore
New Delhi: Private lender DCB Bank has reported a rise of 21% in its net profit at Rs59 crore for quarter ended September.
The bank had registered a net profit of Rs48 crore in the July-September quarter of 2016-17.
Total income of the bank grew by 24% to Rs313 crore during the reported quarter, from Rs252 crore in the year ago period, the bank said in a statement.
Net interest income or the core income of the bank rose to Rs248 crore in the second quarter of 2017-18 from Rs190 crore in the year ago period.
Net interest margin—the key gauge of profitability—which is the difference of interest earned and interest expended, grew to 4.22% from 3.96% in the September quarter of 2016-17.
Also, bank’s provisions for bad loans and contingencies rose by 14% from a year ago to Rs30 crore during the quarter, from Rs27 crore a year ago.
On asset front, the gross non-performing assets (NPAs) of the banks as a percentage of gross advances as at end- September 2017 rose to 1.80% from 1.75% in the same period a year ago.
Net NPAs or bad loans also went up at 0.90% against 0.84%. Bank’s net advances as on 30 September 2017 were Rs17,395 crore, up 20% from Rs14,436 crore as at end- September 2016.
DCB Bank stock closed 0.65% down at Rs189.90 on BSE Monday.