Development Credit Bank (DCB) has inaugurated its new branch in Vadodara with an aim to strengthen retail customer base.
“Vadodara with its growing infrastructure and financial vibrancy offers a huge opportunity for DCB. Given the city’s growing per capita income, we are confident that our innovative financial products will attract many new customers,” Mr Murali M. Natrajan, Managing Director and CEO of DCB, who inaugurated the new branch today said.
According to the bank’s website, it has 80 branches spread across 10 states and 2 union territories besides having presence in 13 cities of Gujarat.
DCB, which recorded a net profit of Rs 21.43 crore during the 2011 fiscal vis-a-vis a loss of Rs 78.45 crore in FY 2010, serves close to 1,100 village institutions and six village clusters in Mandvi, Satbara, Netrang, Nasvadi, Dediapada and Umar Pada in Gujarat through its rural banking initiative DCB Sahyog.
The CEO said that the bank has posted 20 per cent overall growth during FY 2011. Deposits grew by 17 per cent to Rs 5,610 crore while advances rose 24 per cent to Rs 4,271 crore.
“DCB has experienced deposit and customer growth as a result of the growing prosperity and economic success of Gujarat,” Mr Natarajan said.
DCB, whose business segments include retail, SMEs and commodities besides public and private sectors, aims at providing financial inclusion to nearly 1.5 lakh households through innovative loan and deposit products in the state.