DCB Bank's Q3 net profit rises by 25%; Gross NPA contracts by 43 bps
DCB Bank registered 24.51% year-on-year (yoy) rise in the third quarter result for December 31,2016.The bank recorded net profit of Rs 51.30 crore this Q3, against Rs 41.20 crore in the corresponding period of the previous year. Also, the current net profit saw rise of 5.79% from Rs 48.49 crore of the preceding quarter.
Murali M. Natrajan, Managing Director and CEO of DCB Bank said, "The bank admirably rose to the occassion and tirelessly served each and every customers. Also in an otherwise hectic quarter, we kept moving towards executing our branch expansion strategy announced in October, 2015 and added 20 new branches."
Net Interest Income stood at Rs 30.53 crore, increasing by 30.54% from Rs 160.46 crore a year ago same period and also by 10.06% from Rs 190.32 crore in Q2FY17.
Provisions and contingency was at Rs 30.53 crore, rising by 45.65% year-on-year (yoy) and 15.29% quarter-on-quarter (qoq).
While gross non-performing assets (GNPA) was at 1.55%, contracting by 43 basis points yoy and 20 basis points qoq.
Natrajan added,"Advances growth was lower than plan, however we are hopeful of steady improvement in loan growth in the coming quarters. We have continue to be vigilant in managing portfolio quality."
This Q3, net advances stood at Rs 14,584 crore, which was up by 24% compared to Rs 11,736 crore a year ago same period.
As on December 31,2016, the bank saw rise of 31% yoy in deposits to Rs 18,840 crore. On the other hand, CASA (current account saving account) ratio jumped to 25.85% as against 21.91% in Q2FY17.
However, credit-to-deposit ratio slowed down to 77% this December 2016, versus 83.33% of Q3FY16 and 81.63% Q2FY17.
Till Q3, the bank's branch network increased to 248 branches and 496 ATMs.