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Development Credit Bank posted a net profit of Rs 11 crore for the quarter ended March 31, 2011, against a net loss of Rs 8 crore in the corresponding period last year. Net interest income increased to Rs 50 crore (Rs 42 crore).
For the full year 2010-11, the bank posted net profit of Rs 21 crore, against loss of Rs 78 crore in the previous fiscal, said a press release issued on Wednesday.
As on March 31, 2011, deposits grew by 17 per cent to reach Rs 5,610 crore (Rs 4,787 crore) and advances by 24 per cent to reach Rs 4,271 crore (Rs 3,640 crore).
The ratio of low cost current and savings deposits to total deposits was more or less flat at 35.21 per cent (35.36 per cent).
Net interest margin improved to 3.13 per cent (2.79 per cent). Capital adequacy ratio under Basel II norms was at 13.25 per cent (14.85 per cent).
Provisions for FY 2011 fell substantially and stood at Rs 65 crore, as against Rs 127 crore in FY 2010, the release said.
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