The Hindu Business Line : Deutsche Bank’s India branches net up 77%

Deutsche Bank’s India branches recorded a net profit of Rs 386 crore for the year ended March 2008, an increase of 77 per cent from Rs 218 crore in the corresponding period last year.

The rise in profits was on account of all round growth across segments, said the bank. Total income increased to Rs 2,462 crore (Rs 1,625 crore).

The bank also saw huge rise in provisions and contingencies to Rs 77 crore from Rs 9 crore. Of this, Rs 46 crore was related to credit and write offs and Rs 10 crore was standard provisioning as per RBI guidelines. The rest was for other contingencies, said a spokesperson from the bank.

Announcing the results, Mr Gunit Chadha, Managing Director and Chief Executive Officer of Deutsche Bank India, said, “Our financial results reflect the robust growth momentum of our business franchises as we continue to scale up our investment and commitment in the country and embedding ourselves further into India. The growth in our profits have come from an all round performance by our various businesses in India.”

The total advances were at Rs 8,960 crore (Rs 4,945 crore) and deposits grew to Rs 13,755 crore (Rs 6,978 crore).

Net NPAs were at 0.22 per cent. Net Interest Margin was at 3.8 per cent (2.9 per cent).

Capital Adequacy was at 13.58 per cent (10.62 per cent).

In the last fiscal, Deutsche Bank Group infused Rs 2,780 crore of fresh capital of which Rs 2,095 crore was Tier-I capital for Deutsche Bank’s Indian branches and Rs 685 crore was towards the equity of the newly formed non-banking finance company.

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