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Private sector DCB Bank reported a 2.07 per cent drop in its net profit to ₹79.38 crore for the first quarter of the fiscal as against ₹81.06 crore a year ago.
However, its non performing assets surged to ₹621.79 crore in the quarter ended June 30 or 2.44 per cent of gross advances as against ₹476.40 crore a year ago. Net NPAs stood at 0.99 per cent of net advances as against 0.81 per cent a year ago.
The bank earned net interest income of ₹307 crore as against ₹305 crore for the same period as compared to last year. Non-interest income of ₹77 crore as against ₹87 crore for the same period as compared to last year.
Provisions nearly doubled to ₹83.69 crore in the first quarter this fiscal versus ₹40.64 crore a year ago.
Murali M Natrajan, Managing Director and CEO, DCB Bank said, "The lock-down disruptions are slowly reducing. We have to be cautious. We are concentrating on collections and recoveries, implementing the guarantee scheme, home loans, gold loans and agri related loans. As part of the strategic cost management, we are accelerating our digital agenda in order to achieve long term cost efficiencies.”
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