DCB Bank Ltd on Tuesday said its first quarter net profit rose 16.63% on the back of higher net interest income and other income.
The bank posted a net profit of ₹81.06 crore for the three months ended 30 June compared to ₹69.50 crore in the year-ago period. Profit was lower than ₹93.11 crore estimated by a Bloomberg poll of 11 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 11.64% to ₹304.75 crore from ₹272.97 crore in the corresponding period last year.
Other income, which includes core fee income, rose 4.74% to ₹86.76 crore in the three months from ₹82.83 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 1.96% in the June quarter compared with 1.84% in the March quarter and 1.86% in the year-ago period.
Provisions during the quarter increased 22.3% to ₹40.64 crore as against ₹33.23 crore in the year-ago quarter. In Jan-Mar, the bank had set aside ₹34.78 crore in provisions.
Post-provision, the net NPA ratio was at 0.81% against 0.65% in the March quarter and 0.72% in the year-ago period.
Tuesday, shares of the bank gained 1.27% to close at ₹238.80 apiece, while the benchmark Sensex index rose 0.60% to close at 39,131.04 points.