DCB Bank Posts A Net Profit Of Rs 45 Crore
Nutan Gupta / 14 Jul 2014
Private sector lender DCB Bank announced its financial results for the quarter ended 30th June, 2014. The Bank posted a jump of 4.6% in its net profit on yearly basis.
DCB Bank, one of the small sized private sector bank came out with its financial result for Q1FY15. Bank's Net Interest Income (NII) came in at Rs 139 crore in the quarter ended 30th June, 2014 as against Rs 83 crore in the corresponding quarter last year, registering a growth of 67.5%. This was helped by the healthy increase in the advances, which grew by 29% in the same time. The other income of the Bank stood at Rs 34.5 crore in the current quarter as against Rs 33.4 crore in the quarter ended March 2014 and Rs 45 crore in December 2013. The employee cost in the current quarter was Rs 46.29 crore as compared to Rs 41 crore and Rs 37.7 crore in the quarter ended March 2014 and December 2013 respectively.
The Bank's operating expenses during the quarter ended 30th June, 2014 came in at Rs 92 crore as compared to Rs 77 crore in the corresponding quarter of the previous year and Rs 83 crore in the quarter ended March 2014. The operating expenses in the current quarter went up on account of increased branch networks. However, the operating profit in the current quarter stood at Rs 81 crore, showing a rise of 59% on yearly basis. The Bank's provisions and contingencies went up significantly to Rs 23 crore in Q1FY15 as against Rs 11 crore in Q4FY14 and Rs 8 crore in Q1FY14. All in all, the net profit of the Bank came in at Rs 45 crore in the current quarter as compared to Rs 43 crore in the corresponding quarter last year. The net profit of the bank did not increase in a significant manner due to increase in provisions and contingencies.
The Gross Non-Performing Assets (GNPA) ratio in Q1FY15 was 1.78% against 1.69% in Q4FY14. In absolute terms, the GNPA of the Bank was Rs 149 crore in the current quarter as against Rs 139 crore in the preceding quarter. The Net Non-Performing Assets (NNPA) stood at 0.97% as against 0.91% in the quarter ended March 2014. In absolute terms, the NNPA of the Bank in the current quarter was Rs 80.5 crore as against Rs 54 crore in the quarter ended March 2014.
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