DCB posts Rs 13 cr-profit on growth in advances

Our Bureau Updated - October 12, 2011 at 07:30 PM.

Development Credit Bank has posted a net profit of Rs 13 crore for the quarter ended September 30, 2011, against Rs 5 crore in the same period last year, on account of good growth in advances and lower provisions, according to a press release issued by the bank.

Net advances grew to Rs 4,315 crore (Rs 3,840 crore), a growth of 12 per cent. Total deposits increased to Rs 6,261 crore (Rs 5,495 crore).

The share of low-cost CASA deposits (current and savings accounts) to total deposits fell marginally to 33.2 per cent (34.6 per cent).

Net interest margin increased to 3.41 per cent (3.14 per cent). Provisions declined substantially to Rs 7.5 crore (Rs 16 crore).

Capital Adequacy Ratio was at 13.10 per cent. Speaking about the performance Mr Murali M. Natrajan, MD and CEO said, “We continue to improve the Bank's performance. The environment is tough and therefore it is prudent to be extra cautious.”

Published on October 12, 2011 14:00