Home >companies >company-results >DCB Bank Q4 profit down 24% to Rs52.86 crore

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 52.86 crore as compared to 69.53 crore a year ago. Nine analysts polled by Bloomberg had forecast a net profit of 53.72 crore.

Net interest income (NII), or the core income a bank earns by giving loans, increased 30.57% to 220.26 crore from 168.69 crore last year. Other income increased to 63.59 crore from 61.45 crore in the same period last year, a rise of 3.48%.

Gross non-performing assets (NPAs) rose 11.53% to 254.20 crore at the end of the March quarter from 227.93 crore in the December quarter. On year-on-year basis, it jumped 28.79% from 197.38 crore.

Provisions and contingencies rose 11.14% to 33.93 crore in the quarter from 30.53 crore a quarter ago. On a year-on-year basis, it rose 24.51% from 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 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.

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