The Hindu Business Line : DCB net down 5% in Q1 on provisioning

Mangalore, July 30 The private sector Development Credit Bank (DCB) recorded a net profit of Rs 5.44 crore in the first quarter of 2008-09 against Rs 5.74 crore in the corresponding period of the previous fiscal, registering a decline of 5.23 per cent in net profit.

A bank release here on Wednesday said that the provisions and contingencies stood at Rs 19.64 crore during the first quarter of the current fiscal as against Rs 2.52 crore in the corresponding period of the previous fiscal.

The operating profit before provisions and contingencies for the first quarter of the current fiscal stood at Rs 25.08 crore (Rs 8.26 crore).

Interest income

The net interest income of the bank registered a growth of 76.06 per cent during the quarter to touch Rs 48.69 crore (Rs 27.65 crore). The other income of the bank stood at Rs 38.93 crore (Rs 32.96 crore), recording a growth of 18.11 per cent.

Quoting Mr Gautam Vir, Managing Director and Chief Executive Officer of DCB, the release said: “DCB remains committed to its strategy of change and growth. The uneven macro environment poses a challenge and DCB continues to prudently judge growth opportunities and pursue those with vigour.”

On Wednesday, the scrip of the bank closed at Rs 52 on BSE against the previous closing of Rs 50.30.

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