Mumbai: DCB Bank Ltd on Friday reported 24% drop in net profit for the fourth quarter on higher provisioning and higher tax expense.
Net profit for the quarter was Rs 52.86 crore as compared to Rs 69.53 crore a year ago. Nine analysts polled by Bloomberg had forecast a net profit of Rs 53.72 crore.
Net interest income (NII), or the core income a bank earns by giving loans, increased 30.57% to Rs 220.26 crore from Rs 168.69 crore last year. Other income increased to Rs 63.59 crore from Rs 61.45 crore in the same period last year, a rise of 3.48%.
Gross non-performing assets (NPAs) rose 11.53% to Rs 254.20 crore at the end of the March quarter from Rs 227.93 crore in the December quarter. On year-on-year basis, it jumped 28.79% from Rs 197.38 crore.
Provisions and contingencies rose 11.14% to Rs 33.93 crore in the quarter from Rs 30.53 crore a quarter ago. On a year-on-year basis, it rose 24.51% from Rs 27.25 crore.
As a percentage of total loans, gross NPAs rose to 1.59% at the end of the March quarter from 1.55% in the previous quarter and 1.51% in the year-ago quarter.
Net NPAs rose to 0.79% in the March quarter from 0.74% in the previous quarter and 0.75% in the same quarter last year.
On Thursday, DCB Bank shares closed at Rs 179.65 on the BSE, down 1.07% from its previous close, while India’s benchmark Sensex index lost 0.61% to 29461.45 points. Indian Markets are closed for a holiday on Friday.