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DBS Bank India on Monday reported an over six-fold increase in its net profit to ₹111 crore for FY20, against ₹14.5 crore a year ago.
Net revenues grew 24 per cent to ₹1,444 crore (₹1,165 crore).
“In the past year, we have strengthened customer relationships and expanded our footprint in the country through a unique phygital strategy. Despite the prevailing headwinds, we are confident that we will continue to capitalise on growth opportunities,” said Surojit Shome, Managing Director and CEO, DBS Bank India.
Net advances grew 6 per cent to ₹19,131 crore while total deposits grew 5 per cent to ₹35,652 crore in FY20.
Net NPAs stood at 0.47 per cent as on March 31, 2020 with provision coverage ratio at 88 per cent. “The bank adopted a focussed strategy to manage stressed assets, and NPAs in the challenging macroeconomic environment,” it said in a statement on Monday.
The capital adequacy ratio was 16.33 per cent in FY20, compared to 19.69 per cent in FY19.
The bank is now present across 24 cities with 34 branches in the country.
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